Insurance Assessment

[Cars]

“What do we do to get that myth out of the equation. We have those discussions in our organizations. The realtists members we have, we know how to have that conversation. For example, if you have 3% down, which is $3,000 on a $100,000 house, you can own instead of rent. The amount to rent a condo is more than the cost to own that more.. same condo.” LaVonna Stewart is a board chair with the organization and she said they’ve realized more issues regarding homeownership over the years. “America, as a whole, suffered from not having the financial education,” Stewart said. “That is something we see across the board. Now, it is not just focused on minority based, it is income based as well.” Paris said another obstacle that stands in the way of many in the African American community is the intimidation to buy a home. “There is a lot of misunderstanding that, ‘I need 20% down to buy a house — 20% down to buy a $100,000 house is $20,000. I don’t have $5,000, so homeownership is not for me,’” Paris said. “People are also intimidated by the 30-year commitment.

https://www.ksat.com/news/local/2020/11/28/nonprofit-hopes-to-boost-african-american-homeownership-through-financial-education/