The ability to purchase homes significantly lowers a person’s likelihood of amassing generational wealth. Parents who own their home increase their children’s likelihood of becoming a homeowner by 7%-8%. The pandemic further entrenched traditional wealth gaps with wealth investors purchasing home inventory and renting those homes out to the very individuals who were likely to purchase the homes for themselves had there been more favorable (non-pandemic) economic conditions. Diverse Erie is committed to increasing the likelihood BIPOC families become homeowners through unique partnerships with local banks and other organizations. In Erie County, we need to take a close look at how we can effectively mitigate pandemic impacts on the ability of families to own a home in a market where the deck is already stacked against them.
Programs to advance equity and address the public health crisis in Erie County are being developed now. Join us today to get information as these opportunities become available.