Equity Data Series: Homeownership

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Homeownership is highly beneficial for families seeking financial stability. It can provide families easier access to steady sustainable income and can create financial value as you pay off your home loan over time. However, homeownership is not always available to everyone in our region.

We used home ownership data to identify income inequities in our region. Here’s what we found:

Of all households in the Richmond region 66% own their homes.

Of white households in the Richmond region 74% own their homes.

Of Asian households in the Richmond region 63% own their homes.

Of black households in the Richmond region 49% own their homes.

Of multiracial households in the Richmond region 50% own their homes.

Homeownership is highly beneficial for families, offering both financial gains and a method of building wealth that provides long-term stability. In a strong economy, home values generally increase by 3-4 percent each year, leading to increased asset wealth. Additionally, the financial value of homeownership builds as an individual pays off the home loan over time. This means that every month an individual pays money toward a home loan, they are building up financial resources for the future.

Over time homeownership is more affordable than rental housing. Because terms of a mortgage are locked in, homeowners know the base cost that will be spent on housing. This is more stable than rent, which changes (and often increases) over time.


How United Way Helps 

As a part of United Way of Greater Richmond & Petersburg’s 2020-22 funding cycle, 15 programs at 14 partner agencies supporting income equity are receiving a total of $565,000 in community investments.

Southside Community Development Housing Corporation (SCDC) helps clients build assets, savings and wealth and work toward homeownership. Their purpose is to rectify economic inequities for people of color and close the racial ownership gap. 97% of SCDHC’s clients have income below 80% AMI and 94% are people of color. Black and Latinx workers are more likely than white workers to rent, to be cost burdened and to experience eviction.

SCDC is the only historically Black-led Community Development Corporation in the region. All of the organization’s staff are people of color and three speak Spanish. Using LISC’s Financial Opportunity Center model, SCDC provides services across three areas: employment placement and career improvement, financial education and coaching and income supports access.

In 2020, 42% of clients improved their net income with an average monthly improvement of $683.73 while 29% improved their credit score. Out of the 186 clients that received one-on-one counseling, 65 (35%) secured employment, 54 (29%) increased their wages and 15 (8%) increased their hours.


How Can You Help?  

Donate to United Wayof Greater Richmond & Petersburg today. Your donation helps us make equitable income a reality for our region. 

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