Bronzeville homeowner Lionel Kimble Jr. has watched the advantages of homeownership firsthand. His mom took out a home loan to help pay for his sister’s wedding. His aunt and uncle used earned home equity to prepare for retirement.
“Owning a home is the bedrock of America,” said Kimble, history professor at Chicago State University and vice president and executive director of the Research and Policy Center at the Chicago Urban League. “It allows people once they die to pass on something to their children and grandchildren, which they can use as investments to build wealth.”
Homeownership is a key tool for building generational wealth. It provides homeowners with unique opportunities renters can’t access, and resources they can tap into to pay for weddings, retirement, and college, Kimble said.
Shantel N. Franklin, a real estate broker who lives and works on the West Side, has helped families and individuals become homeowners since 2020. Franklin is an Austin homeowner.
A quick scroll through her social media (@Shantelsellsproperties) shows the variety of properties available for sale in communities such as Austin, Garfield Park and North Lawndale. A well-maintained single-family home, a beautiful brick two-unit building and a historic graystone home are among the properties she has helped get on – and off – the housing market.
As a real estate broker affiliated with Coldwell Banker, Franklin helps owners sell their properties and helps others reap the benefits of homeownership.
Other homeownership benefits include having the ability to make desired changes or improvements to a home without being at the mercy of a landlord or having to move if rent prices drastically increase.
Yet, the road to owning a home does not always look the same. Though Franklin’s homebuying journey started in 2018, she did not purchase a property until 2021. Like Franklin, potential homebuyers may need to improve their credit score, increase their savings or reduce their debt-to-income ratio before moving forward on a home purchase.
Being informed about the home-buying process, improving their finances and accessing available financial tools are key to “getting to the closing table,” she said. As a real estate broker, she said she not only helps potential homebuyers find a home, she helps them be ready to buy.
Purchasing a home can bring financial benefits as property values increase over time, helping homeowners accumulate thousands of dollars in equity. With higher interest rates and increased prices, it may not be the best time to buy, Wilson said. Yet, if house prices continue to increase, those who buy now may see their property value increase within a few years.
“I’m somebody who bought back in 2021 and I’m reaping the benefits as of today, in 2023,” Franklin said.
Like Franklin, who is also a block president, many who purchase homes in communities like North Lawndale, Austin and Garfield Park are not only overcoming systemic barriers causing low homeownership rates, but also are fostering a sense of pride and care for the community they live in and sharing it with others.
“Homeownership gives you that pride to want to step up and want to see better on these blocks and in the community as a whole.”
For Kimble, owning a home gives people a connection to a place and is a way to pursue the so-called “American dream,” especially for Black residents.
“Since 1619, [Black people] have been trying to figure out where we really fit here. The larger American ethos is owning a home. Making your own way is something that all Americans strive for, and having access to your own home helps Black folks try to make sense of what the American dream is,” Kimble said. “That dream has been denied us for so many years. Being able to own property and own our home is really key to a sense of belonging.”