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.
Here in King County we have seen monumental changes in housing, particularly 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 thing 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, 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 black homeownership in King County and 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.