Developing resources to enable upward mobility requires planning, coordination and creativity.
Home ownership is one of the most common ways people build wealth. However, home ownership rates among Black families are in steep decline, worsening the wealth gap. Thus, a key part of eradicating intergenerational poverty hinges on ensuring that neighborhoods have appreciating property values given that research shows residential equity is the largest component of household wealth.
A coordinated plan across local housing authorities, funding agencies, nonprofit partners and developers to collaboratively manage affordability is key to creating an economically diverse neighborhood that supports wealth-building. If neighborhood housing options are integrated across income levels then everyone has access to the market power they deserve.
An effective approach to housing includes support for and options to help people become homeowners, such as clinics to help people understand financing options and local programs developed to help with down payments.