The unique challenges facing minority first-time homebuyers
Today’s HousingWire Daily features the ninth episode of Honest Conversations, a miniseries on minority homeownership hosted by HousingWire Digital Media Manager Alcynna Lloyd. In this episode, Lloyd interviews Timothy Demry, a real estate agent in San Francisco’s Bay Area, about his experience serving minority first-time homebuyers.
Here is a small preview of the interview, which has been lightly edited for length and clarity:
Alcynna Lloyd: As we wrap today, I’d like to end on my favorite part of the interview, as I ask each honest conversation guest the same two questions: What is your biggest area of concern of minority homeownership today and what can the industry also do to close this gap?
Timothy Demry: My biggest concern today is gentrification, as I’ve seen the firsthand effects in our communities as people didn’t own their own homes and weren’t able to take advantage of the appreciation in their neighborhoods. For example, in California, or a major metropolitan city like Oakland, San Francisco, etc., a lot of folks rented in those areas, and when the prices appreciated over the span of the last seven years, those who wanted to explore homeownership were forced to go to areas like Stockton, or they were forced to move to areas away from their jobs and are now commuting two hours into the city or wherever they can find employment. So, I would say, my major concern for first-time homebuyers is just not pulling the trigger, it’s the continual process of renting.
HousingWire Daily examines the most compelling articles reported from the HousingWire newsroom. Each afternoon, we provide our listeners with a deeper look into the stories coming across our newsroom that are helping Move Markets Forward. Hosted by the HW team and produced by Alcynna Lloyd and Victoria Wickham.