Collaborative Projects Seek To Improve Housing Outcomes For Black Chicagoans

When discussing homeownership in Chicago, it's much more than simply acquiring a property. For numerous Black families, it's about fostering stability, generating wealth, and preserving assets for future generations. Unfortunately, this aspiration often feels unattainable.Statistics reveal a stark reality, with over 70% of white families owning homes, while approximately one-third of Black families can say the same. This disparity stems from various factors, including affordability issues, generational wealth differences, and systemic barriers entrenched over time.Post-purchase, many newcomers encounter challenges maintaining ownership. It’s essential to budget for both initial and ongoing costs—buying the house is merely the start. Families face significant hurdles, such as affordability in areas like Englewood, where over 60% of renters are cost-burdened. Additionally, higher mortgage denial rates for Black borrowers exacerbate the problem.To navigate these challenges, robust financial strategies and resource layering are crucial for achieving sustainable homeownership.