How you can make that vision a reality
Every year we celebrate Dr. Martin Luther King Jr.’s dream of racial equality, but did you know he had a dream that everyone could enjoy the fruits of homeownership?
Back in the 1960s:
- Zoning laws prohibited Black Americans from owning property in certain areas.
- Redlining was a way to keep lenders and other institutions from offering services in Black neighborhoods.
- Property values in Black neighborhoods were nowhere near the values of similar houses in white neighborhoods.
Dr. King fought to end racial discrimination in housing through his work with the Chicago Freedom Movement, an effort to end housing, education and employment disparities in the windy city. In a 1966 speech, King said: “We are tired of paying more for less. We are tired of living in rat-infested slums… We are tired of having to pay a median rent of $97 a month in Lawndale for four rooms while whites living in South Deering pay $73 a month for five rooms. Now is the time to make real the promises of democracy. Now is the time to open the doors of opportunity to all of God’s children.”
While the homeownership gap between Black and white Americans remains, here are three ways you can help make Dr. King’s dream about homeownership a reality.
Educate yourself. Dr. King knew that information was power. Financial education helps you to become mortgage ready so you are more likely to be approved for a mortgage with favorable terms.
Leverage the power of partnerships. The Civil Rights Movement was fueled by people working together to achieve a common goal. By working with nonprofit homeownership organizations to become mortgage-ready, you benefit from the strength of people working together for a common cause.
Do what you can to help others. Dr. King worked for the betterment of all. Let your family, friends and neighbors know that homeownership is possible and let them know how organizations like HomeFree-USA can help.
Dr. King saw a world where we all can build wealth through homeownership. We have the power to make his dream come true.
