{"id":21060,"date":"2023-10-02T13:22:50","date_gmt":"2023-10-02T19:22:50","guid":{"rendered":"http:\/\/34.106.141.153\/?p=21060"},"modified":"2023-10-05T16:49:59","modified_gmt":"2023-10-05T22:49:59","slug":"homewise-is-harnessing-the-power-of-homeownership-to-narrow-the-racial-wealth-gap-in-new-mexico","status":"publish","type":"post","link":"https:\/\/homewise.org\/es\/homewise-is-harnessing-the-power-of-homeownership-to-narrow-the-racial-wealth-gap-in-new-mexico\/","title":{"rendered":"HOMEWISE\u00ae EST\u00c1 APROVECHANDO EL PODER DE LA PROPIEDAD DE VIVIENDA PARA REDUCIR LA BRECHA DE RIQUEZA RACIAL EN NUEVO M\u00c9XICO"},"content":{"rendered":"\t\t
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HOMEWISE\u00ae IS HARNESSING THE POWER OF HOMEOWNERSHIP TO NARROW THE RACIAL WEALTH GAP IN NEW MEXICO. <\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Homewise<\/span>\u00ae <\/span>is clos<\/span>ing<\/span> the racial wealth gap in New Mexico by helping low<\/span>–<\/span>and moderate<\/span>–<\/span>income New Mexicans achieve sustainably affordable homeownership<\/span>.<\/span><\/span> Two-thirds<\/span> of <\/span>Homewise<\/span>\u00ae<\/span> homebuyers are <\/span>people of color<\/span> and most are first-time homebuyers<\/span>.\u00a0 <\/span><\/span><\/strong><\/p>

Analysis of the<\/span> home<\/span> equity <\/span>accrued<\/span> by <\/span>Homewise<\/span>\u00ae<\/span> homebuyers<\/span> over time<\/span> demonstrates<\/span> the massive impact our services have on the<\/span>ir<\/span> financial well<\/span>-being<\/span>.<\/span>\u00a0<\/span> Households that <\/span>purchased<\/span> with <\/span>Homewise<\/span>\u00ae<\/span> in 2012 have seen their ho<\/span>me values double in <\/span>just over a<\/span> decade<\/span>.<\/span><\/strong><\/span><\/p>

Albuquerque buyers <\/span>have increased their net worth by <\/span>an average of <\/span>over $171,000 and buyers <\/span>in Santa Fe have grown their net assets by <\/span>an average <\/span>$221,720<\/span>. <\/span>These results are<\/span> particularly striking <\/span>when you consider <\/span>that the typical <\/span>Homewise<\/span>\u00ae<\/span> homebuyer <\/span>is <\/span>a<\/span> renter<\/span> with <\/span>annual <\/span>household income of <\/span>r<\/span>oughly $57,000<\/span> and<\/span> $7,500 in savings<\/span> when they <\/span>purchased<\/span> their home.<\/span><\/span>\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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What Is the Racial Wealth Gap?<\/span>\u00a0<\/span><\/h4>
\u00a0<\/span><\/div>

Household wealth \u2013 the value of assets such as savings and retirement accounts, investments, businesses, and real estate \u2013 is closely linked to well-being because wealth improves financial security, personal agency, and social standing, while also providing the leverage needed to obtain more wealth.\u00a0 In America, neither wealth nor well-being are evenly distributed. In fact, <\/span>the wealthiest 1 percent of Americans hold almost one third (32.2%) of the nation\u2019s wealth and this wealthy 1 percent is overwhelmingly White.<\/span>\u00a0<\/span><\/p>

The typical Black or Hispanic American household has less than one-fifth the wealth of the typical White household, reducing their relative well-being and limiting their upward mobility. Households of color in the U.S. have lower median incomes than White households, are less likely than White households to benefit from intergenerational wealth transfers (e.g., inheritances and financial gifts from family), and are less likely than White households to own the homes they live in.\u00a0<\/span>\u00a0<\/span><\/p>

Today\u2019s racial wealth gap is the product of decades of systematized oppression and segregation. The discriminatory housing policies of the twentieth century shaped today\u2019s urban and suburban landscapes and contributed to wealth disparity by determining where people could live and what their property was worth. Overt redlining is largely a thing of the past, but today\u2019s lending practices remain far from \u201crace neutral\u201d and Black and Hispanic borrowers remain more vulnerable than White households to predatory lending practices.<\/span>\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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In the U.S., homeownership is the primary means by which middle-class households build wealth.\u00a0 <\/span>It\u202fis a key strategy for closing the racial wealth gap because it substitutes mortgage payments for rent payments and thus transforms a pure outflow and a mandatory expense for most households into a savings vehicle that can generate significant returns via the mechanisms of appreciation and leverage.\u00a0 <\/span>Homeowners have higher net worth than renters, regardless of race.\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\u00a0Therefore, closing the racial homeownership gap by increasing the percentage of Black and Hispanic households that own their homes is critical to making the distribution of wealth <\/span>more fair<\/span>.\u00a0<\/span> However, a<\/span>s the subprime crisis of 2008 clearly <\/span>demonstrated<\/span>,<\/span> homeownership alone is not enough to ensure financial well-being. In fact, how a household achieves homeownership is every bit as important as whether they <\/span>buy a home<\/span> in the first pla<\/span>ce<\/span>.<\/span> White households generate higher returns from their housing investments than do households<\/span> of color<\/span>, due to factors <\/span>like <\/span>racial segregation, predatory mortgage lending practices<\/span> that disproportionately target minorities<\/span>, devaluation of property in minority communities, and the heightened likelihood that families with few liquid assets have of experiencing foreclosure or other forms of distressed sale<\/span>.\u00a0<\/span> For<\/span> homeownership to narrow the racial wealth gap<\/span>, minority homebuyers must have access to high<\/span>–<\/span>quality lending products<\/span> and the <\/span>ability to <\/span>purchase<\/span> homes in <\/span>opportunity neighborhoods.<\/span><\/span>\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Harnessing the Power of Homeownership to Close the Gap<\/span>\u00a0<\/span><\/h4>

\u00a0<\/p>

At Homewise\u00ae, we specialize in improving the well-being of families and communities by increasing access to sustainably affordable homeownership.\u00a0 Households of color make up 7-in-10 Homewise\u00ae homebuyers. Helping to close the racial wealth gap is a strategic priority for our organization. Every family freed from the hamster wheel of ever-escalating rents with a sustainably affordable 30-year fixed rate mortgage on a home of their own is markedly better off. The day-to-day feedback we receive from our customers confirms that we are helping them build assets and get ahead.\u00a0\u00a0<\/span>\u00a0<\/span><\/p>

To get a better sense of our cumulative impact on the financial well-being of our clients, the evaluation team at Homewise\u00ae constructed a model to estimate the home equity<\/span>1<\/span> accumulated by Homewise\u00ae homebuyers as a function of where and when they purchased their home.\u00a0 For our purposes, home equity is defined as net appreciation (appreciated current home value minus purchase price) plus the amount of mortgage principal paid off as of March 2023.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Results of this exercise are depicted in <\/span><\/span>Figures <\/span>2<\/span> and <\/span>3<\/span><\/span><\/strong>.\u00a0 The <\/span>grey bars represent the median price of homes purchased by <\/span>Homewise<\/span>\u00ae<\/span> clients<\/span> in <\/span>a given<\/span> year and the orange bars represent the <\/span>average wealth accru<\/span>ed by <\/span>those households as a<\/span> direct<\/span> result of their home purchase<\/span> (assuming they stayed in the home<\/span>,<\/span> were current on their mortgage payments<\/span> and that their home appreciated at the <\/span>average annual rate for their market<\/span>).<\/span> It is important to note that <\/span>the <\/span>orange columns<\/span> have already been reduced by the amount of outstanding mortgage principal<\/span> and <\/span>thus they <\/span>represent<\/span> our <\/span>best estimate of actual <\/span>gains in net worth.<\/span><\/span>\u00a0<\/span><\/p>

In 2012, the \u201ctypical\u201d <\/span>Homewise\u00ae<\/span> Albuquerque homebuyer paid $148,500 for their home. As of <\/span>March<\/span> 2023, that same home was worth $294,285, having appreciated by $145,785 or 98 percent<\/span>.\u00a0 <\/span>An <\/span>additional<\/span> $25,639 in equity was gained through the paydown of mortgage principal, bringing total equity gains to $171,424<\/span> (<\/span><\/span>Figure 1<\/span><\/span>).<\/span><\/span>\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The results in Santa Fe were even more striking. In 2012, the typical Homewise\u00ae Santa Fe homebuyer paid $195,000 for their home. Eleven years later, in March 2023, that same home was worth $379,626, almost twice what they paid for it. In addition to the $37,094 in equity gained through paydown of their mortgage principal, the typical homebuyer gained $184,626 in equity from market appreciation, adding $221,720 to their net worth.<\/span>\u00a0<\/span><\/p>

These results are even more impactful when you consider that the typical Homewise\u00ae homebuyer has total household income under $60,000 and median savings of $7,500 at the time of purchase. The Homewise\u00ae mortgage makes it possible for them to buy a home with as little as 1 percent down.<\/span> Thus, <\/span>in just over a decade, the \u201ctypical\u201d 2012 Homewise\u00ae homebuyer in Santa Fe generated $221,720 in home equity with an up-front investment of roughly $2,000.\u00a0 Homeownership is likely the only opportunity most modest-income households have to achieve this kind of investment leverage.<\/span>\u00a0<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Differing rates of homeownership are not the sole causes of the wealth gap nor will simply increasing homeownership by Black and Hispanic families close it. If America is to meaningfully narrow the racial wealth gap through homeownership, two actions are critical. First, we must increase access to homeownership for households of color. Second, we must solidify the benefits of homeownership for people of color by eliminating extractive practices in mortgage lending and home buying that diminish the wealth-building benefits of homeownership for Black and Hispanic homeowners. Homewise\u00ae is doing just that through our full continuum of home purchase services specifically geared to the needs and priorities of first-time, moderate-income homebuyers.<\/span>\u00a0<\/span><\/p>

\u00a0<\/span><\/p>

  • Homebuyer education and coaching<\/span><\/i><\/b> \u2013 for many Homewise\u00ae clients, the path to homeownership begins with homebuyer education and mentoring from a home purchase advisor (HPA) who helps them understand their finances and chart a path to becoming \u201cbuyer ready\u201d by reducing their monthly debts, increasing their savings, and improving their credit.<\/span>\u00a0<\/span><\/li>
  • Home purchase assistance<\/span><\/i><\/b> \u2013 Homewise\u00ae\u2019s non-commissioned realtors help buyers find the right home while their HPAs assemble downpayment assistance from a variety of sources to make the homes affordable.<\/span>\u00a0<\/span><\/li>
  • Lending<\/span><\/i><\/b> – <\/span><\/b>The Homewise\u00ae mortgage is a 30-year fixed rate loan with a second that eliminates the need for mortgage insurance with as little as 1 percent down, saving buyers thousands of dollars in wealth-extracting mortgage insurance premiums.<\/span>\u00a0<\/span><\/li>
  • Servicing <\/span><\/i><\/b>\u2013 Despite serving primarily low- and moderate-income borrowers, Homewise\u00ae maintains a delinquency rate well below that of FHA because we don\u2019t sell the servicing rights to our loans.\u00a0 As of April 2023, FHA had a delinquency rate of 9.27 percent<\/span>2<\/span> while the Homewise\u00ae delinquency rate was 2.09 percent. Servicing our own loans enables Homewise\u00ae to remain engaged with our customers and provides us the opportunity to identify and assist struggling borrowers before their loan(s) become delinquent.\u00a0<\/span><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    <\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

    HOMEWISE\u00ae IS HARNESSING THE POWER OF HOMEOWNERSHIP TO NARROW THE RACIAL WEALTH GAP IN NEW MEXICO. Homewise\u00ae is closing the racial wealth gap in New Mexico by helping low-and moderate-income New Mexicans achieve sustainably affordable homeownership. Two-thirds of Homewise\u00ae homebuyers are people of color and most are first-time homebuyers.\u00a0 Analysis of the home equity accrued […]<\/p>\n","protected":false},"author":29,"featured_media":17352,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-21060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"yoast_head":"\nHOMEWISE\u00ae IS HARNESSING THE POWER OF HOMEOWNERSHIP TO NARROW THE RACIAL WEALTH GAP IN NEW MEXICO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/homewise.org\/es\/homewise-is-harnessing-the-power-of-homeownership-to-narrow-the-racial-wealth-gap-in-new-mexico\" \/>\n<meta property=\"og:locale\" content=\"es_MX\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HOMEWISE\u00ae IS HARNESSING THE POWER OF HOMEOWNERSHIP TO NARROW THE RACIAL WEALTH GAP IN NEW MEXICO\" \/>\n<meta property=\"og:description\" content=\"HOMEWISE\u00ae IS HARNESSING THE POWER OF HOMEOWNERSHIP TO NARROW THE RACIAL WEALTH GAP IN NEW MEXICO. Homewise\u00ae is closing the racial wealth gap in New Mexico by helping low-and moderate-income New Mexicans achieve sustainably affordable homeownership. Two-thirds of Homewise\u00ae homebuyers are people of color and most are first-time homebuyers.\u00a0 Analysis of the home equity accrued […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/homewise.org\/es\/homewise-is-harnessing-the-power-of-homeownership-to-narrow-the-racial-wealth-gap-in-new-mexico\" \/>\n<meta property=\"og:site_name\" content=\"Homewise\u00ae\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/HomewiseNM\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-02T19:22:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-05T22:49:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/homewise.org\/wp-content\/uploads\/2022\/10\/Tiara-Grant_-Homewise13-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Rathi 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