Homeownership has long been a pathway to financial freedom; it’s often regarded as an effective practice to build wealth. This is why increasing homeownership rates among people of color is central to addressing wealth disparity in the U.S. And in good news, the Texas market is showing clear evidence of improved rates in homeownership among people of color.
More than 50 years ago, housing discrimination was deemed illegal in the U.S., and although homeownership rates have increased, the racial homeownership gap for nonwhites is still slow to close.
While ownership rates for nonwhite Americans remain low across the country, Texas is making great strides in closing the racial homeownership gap, ranking 11th among the 50 states according to a recent United Way NCA report.
Texas landed a spot near the top in part because it has a lower-than-average unemployment rate at 7.2% and 8,474 FHA loans filed and 4,970 FHA refinances.
First United Mortgage is here to help borrowers navigate the homeownership and home refinancing processes. We offer FHA, VA, and USDA mortgage programs. Give us a call today at (972) 591-3097 for a free quote and consultation.