Kevan and Ayesha Shelton launched Black Men Buy Houses to help lessen the gap women and men in Black home ownership.
Black women’s home buyer growth rate reached 7.3% since 2017. The growth during 2018-2020 more than doubled the 3.4% pace among Black men, BLACK ENTERPRISE reported.
The Sheltons are concerned about the gap between men and women. Starting Black Men Buy Houses is a way for them to funnel information directly to Black men. The lack of information, is what the Shelton’s believe, poses significant barriers for Black men, according to Atlantafi.
“Black men often face challenges when purchasing homes, stemming from limited information about the process and financial resources, which can hinder their ability to secure funds for down payments, credit, and closing costs. Our initiative’s objective is to break down these barriers, enabling more Black men to achieve the dream of home ownership,” said the Sheltons.
Oct. 12, the Sheltons hosted the inaugural Black Men Buy Houses event in Atlanta. The event was held in partnership with Memorandum of Understanding (MOU) and Operation HOPE. The founder of Operation HOPE John Hope Bryant was in attendance to impart knowledge about the importance of financial literacy and Black wealth.
Even though Black women are outpacing men in home ownership, they are also facing barriers. BE reported on the barriers facing women on their quest to ownership. Debt, mortgage access, student loans and low wages are all cited. It appears black women have access to the relevant home buying resources and tools, yet they lack the ability to employ the tools to their benefit.
“…If you’re a Black woman in America, you’re probably going to have a harsh time buying a house in many circumstances,” LendingTree economist Jacob Channel stated. Channel pointed to “societal hurdles that…should not exist,” which “make it unnecessarily difficult,” despite the increasing Black female home ownership numbers.
Black women are not facing these obstacles alone. As organizations, like Black Men Buy Homes, help close the gap between Black men and Black women the community at large will have to reckon with how to overcome structural biases and inequalities.
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