A lot of things are changing in America. The economy is in flux, social justice movements are more active than ever, and consumers pay more attention to company ethics.
America is undergoing a transformation, a “browning,” and it has been for years.
So, it’s time to make some changes and have some serious conversations.
COVID has done a number on the economy as we know it. Many businesses have closed—temporarily or otherwise—or been forced to radically change their operations.
Employees have been let go or put on “hiatus,” straining their ability to pay their mortgage. Black unemployment rose to 16.7% in April and 1 in 5 Latino workers is unemployed, according to the Economic Policy Institute. This greatly increases the barriers to housing for families of color.
People are looking at the world in a new light—and putting their money where their beliefs are.
Online activity has skyrocketed. Millennials and Gen Z consumers are taking the time to research the companies that they do business with. They want to see more than just services and products.
The newest generations of consumers look for ethical decisions, and social and economic responsibility at high levels. In the 2020 Deloitte Global Millennial Survey, 70% of Millennials believe that companies should be having a positive impact on local communities.
The effects of COVID-19 are still waiting to be felt
We know that COVID-19 has changed today’s landscape and in some ways the effects are permanent. However, one area that continues to be affected by COVID is the economy.
Within the housing industry, many predict another housing crisis and possibly a recession. By 2045 minorities will be the majority in the United States, as per the Census. Home Free’s goal is to help these rising number of minorities overcome the wealth gap and become financially literate.
Connecting with communities of color isn’t just the right thing to do… It’s good business.
By 2045, 80% of emerging households in the U.S., new potential homebuyers, will be made up of people of color. We call this trend part of the “browning” of America.
Is your organization ready?
Now is the time to collaborate with the partners and organizations that can help grant you access to and visibility in these underserved communities—as well as help you diversify your team, so you better mirror the market.
Companies like yours can be the leaders of this change
We can all agree that issues like the wealth gap and leaving communities underserved are some of the most important challenges to solve in our lifetimes.
Correcting these issues takes collaboration, partnership, and concentrated effort. It can be done, but it takes innovators and leaders (like you) to get us there.
HomeFree-USA helps companies like yours connect with communities of color. We work with our partners to enhance community relations, collaborate on joint marketing efforts, and create programs that improve financial literacy and home ownership for families of color.
We also, via our Centers for Financial Advancement, provide a pipeline of diverse leadership talent from distinguished HBCUs (Historically Black Colleges and Universities) throughout the U.S.
We look forward to connecting with you.