Feb 15, 2025 Story by: Editor
Gabrielle Jones is settling into her new home in Gastonia.
“Coming to Charlotte and seeing my friends starting to buy houses and joining Urban League, I was like, I want to be a part of that world,” Jones tells Channel 9’s Deneige Broom.
Now, she’s not just part of that world—she belongs to the largest segment of Black homeowners.
The 2024 State of Black Housing report highlights that women account for 38 percent of Black applicants for home loans, followed by men at 33 percent, and 23 percent representing joint applications from men and women.
“It does surprise me, because you talk about women being paid less than men, but then you have women depending on your circle and your network that are CEOs that are doing it big, that may be single, no children. So, they want to be homeowners,” Jones says.
The report indicates that women and millennials are leading the push for Black homeownership. However, a significant racial gap remains. In 2023, 74 percent of white families owned homes compared to 45 percent of Black families.
Historic disparities, including lower loan approval rates, limited access to generational wealth, and insufficient credit history, are cited in the report as contributing factors to this gap.
Despite rising incomes among Black workers, homeownership rates haven’t increased at the same pace, largely because escalating home values have made it difficult for first-time buyers to enter the market.
Jones encourages others in her community to focus on building strong credit scores early and exploring non-predatory loan options. However, she emphasizes that buying a home is a serious commitment.
“If it does not make sense in your budget to buy a home and be responsible for cutting grass or plumbing, do not do it,” Jones says.
She also advises prospective homeowners to be open to different locations. “Everyone might not live in Charlotte,” she adds. “You might live in Kannapolis, Matthews, Concord, or Davidson.”
Jones suggests that market research is crucial for those looking to purchase a home and recommends identifying emerging neighborhoods. “Some things don’t require a real estate agent,” Jones says. Source: Yahoo News
