2018 has served as a pivotal year in this country’s history. We mourned 50 years of the loss of a beloved leader, Dr. Martin Luther King Jr. President Lyndon Johnson signed into law the Civil Rights Act also known as the Fair Housing Act the same year just days after Dr. King’s murder. Fair Housing Amendments Act of 1988 was signed into law. This amendment “prohibits discrimination on the basis of race, color, religion, sex or national origin in housing sales, rentals or financing.”
Here in King County, we have seen monumental changes in housing, particularly in who owns their home and who doesn’t. Homeownership has always been the American way to build roots; wealth; legacy; and sustainability. But, how far have we come in 50 years in our community?
This graph only reinforces the importance of homeownership in a community. Some may think it is merely about buying a home, which is true in some cases. But, in reality, homeownership can be the single most important indicator of future health for you and your family. In what way? Just by owning your property. The term ‘asset poverty’ denotes a household’s inability to access wealth resources that are sufficient to provide basic needs in times of emergency for a period of three months.
This month, Bascomb Real Estate Group would like to continue the conversation around the Fair Housing Amendments Act of 1988 and black homeownership in King County. We would like to talk about how we can begin a pendulum shift in our community around the barriers to reaching one of the most basic of American goals, owning your home.