Idyllic images showcasing pristine and spectacular homes are everywhere. A magazine or TV ad shows a perfect family - mom, dad, two kids and a cute golden retriever - standing next to a beautifully wrought two-story house with a white picket fence, effortlessly manicured lawn and shiny new minivan in the driveway. There are bright smiles on each family member’s face and choreographed postures communicating happiness. Seemingly, the ads sell a very clean and curated version of the American Dream, which is noticeably out of touch with reality.
The four-person family model pushed for decades is not the standard anymore: single breadwinners are aiming for the top when it comes to ownership, according to economists. Millennials are beating out Generation X and baby boomers. Multi-generational living is steadily growing, with grandparents and parents commingling with young people and kids.
These patterns overwhelmingly prove that a vast majority of homeowners are forgoing putting off ownership dreams to have kids or get married. They are unconventional.
However, many individuals are fearfully aware of the times. Massive student debts, lower incomes and higher rents cause delays with buying homes earlier in life for dozens of millennials. Coming up with down payments, applying for mortgages against lower credit scores and saving after giving more than half of the monthly income to pay for rent are a real struggle.
I grew up in a family mostly disinterested in home buying and content with renting. The exception is my mom, who brought her first home to raise a then-6-year-old me in 1994. Back then, she was my example when I didn’t see too many other African-American women and men vying for having a place to call their own.
My mom, who brought more homes later in life, taught me about the wealth-building value of home ownership. Emboldened and goal-oriented, she wanted homes for our family to gather, appreciate and pass on to future relatives. She realized that a house is more than just shelter: it’s a strong base to prepare your family for the ebbs and flows of life.
But several spheres of influence overwhelmingly remind us of the myriad hardships of buying and owning a home. The picture of purchasing property after the 2008 housing crisis looks dark and bleak in many places, according to housing market insiders. And especially for African Americans, the presented facts tell us that it’s harder to meet lending criteria, get out of mounting debt, improve our credit and find affordable homes with mortgages that don’t bury us further in financial ruins.
I know it is harder to dream while swimming in debt and despair, but we have to dream. As Lorraine Hansberry said, “A dream deferred dries up like a raisin in the sun.”
We can dream of owning our own spaces as a launching pad for doing so much more, if we dare to try.