We’ve all heard the mantra: "Work hard, save money, and you’ll succeed." But when it comes to homeownership, that story falls apart. The truth? Generational wealth—not grit—is the real key to buying a home.
In this post, we’ll debunk:
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The myth of "bootstrapping" in real estate
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How white families get hidden financial boosts
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Why families of color face extra hurdles
The Hidden Help Most Buyers Get
Think you bought your home all on your own? Think again. Research shows:
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Over 40% of first-time white buyers get family help with down payments.
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Gifts or loans from relatives often make the difference between renting and owning.
Even Dr. Korver-Glenn shared her own story: Her first home purchase relied on a low-interest loan from her husband’s grandmother. Without it, they couldn’t have afforded repairs.
Meanwhile, Black and Latino families are:
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Less likely to have relatives who can help (thanks to historical wealth gaps).
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More likely to face higher interest rates, even with good credit.
The "Rules" Aren’t the Same for Everyone
Devil’s advocate might say: "I struggled too! Why should others get help?" But the data doesn’t lie:
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Access isn’t equal: A wealthy Black family might still get locked out of listings (like the agent who had the door shut in their face).
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Appraisals aren’t fair: Your home’s value depends on your neighborhood’s racial makeup.
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Wealth compounds: White families who got cheap homes in the 1950s passed down equity; redlined families passed down debt.
What Fair Housing Really Needs
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Down payment assistance programs that don’t assume family help.
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Stricter enforcement of anti-discrimination laws (because steering and appraisal bias still happen).
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Honesty about history: Until we admit how policies rigged the system, we can’t fix it.
Watch the Full Conversation
Hear the full argument here:
#Realtor #RealEstateAgent #FirstTimeHomeBuyer #InvestmentProperty