MEMPHIS, Tenn. — Memphians are seeking solutions to problems facing the Mid-South housing market.
According to the National Association of Real Estate Brokers (NAREB), home ownership among Black Americans has dropped almost 10 percent in the past two decades. Nationally, the rate stands at 40.6% compared to non-Hispanic, white Americans at 73.8%.
In Memphis, home ownership for Black Americans is even lower, sitting at 34%. However, groups are breaking ground on work to break the cycle.
“It doesn’t always have to be a dream," said LaTonya Reed-Abram, Healthy Transitions Development Group president & CEO. "It can be a reality, and it is my reality.”
Today, Reed-Abram stands in front of Healthy Transitions Development Groups newest project, the Epping Forest Subdivision in Raleigh. Set to increase housing access with 70 housing options, this effort aims at combatting the struggles she experienced, and so many others currently face the journey to become a Memphis homeowner.
“I have had those same struggles," Reed-Abram said. "I have also had those same questions.”
According to the National Association of Real Estate Brokers, several factors are in play:
- Misinformation and misunderstanding the mortgage process
- Lack of affordable inventory
- Current credit score models
- School loans dampening interest in pursuing homeownership in young buyers
“We still find that there are some discriminatory practices that are perpetuating the instability against Blacks and elder people of color from purchasing homes,” said Daryl Lewis, Neighborhood App Memphis Realtist president .
To Lewis and the NAREB, part of the solution lies in education. Lewis suggested saving where you can, understanding the mortgage process and building up any property your family may have inherited.
“We say, find a way to develop that property into a new opportunity for someone else to create generational wealth,” said Lewis.
As for Reed-Abram, the effort continues to give back and change the narrative of the local housing market with the Epping Forest subdivision.
“We want to be able to tell individuals that Memphis is a new Memphis now, and what it used to be, it don’t have to be anymore," said Reed-Abram.
The new subdivision will have a ribbon cutting ceremony May 16 starting at 10:30 a.m. at 2756 Epping Crest Drive.