In Black communities across the United States, homeownership is often more than just a financial asset; it’s a symbol of perseverance, resilience, and hope. In a 2024 interview with CNN, Sharan White-Jenkins, a Black homeowner in Queens, NY, said, “Homeownership in our family is like getting your driver’s license: You just do it. … You turn 16; you get your license. You work a few years; you buy a house. You build equity.” The quote highlights how homeownership impacts the initial buyer and, through equity, can spread wealth within the family. Equity is the primary asset of homeownership in building Black wealth. When a family inherits a home, they receive more than a piece of property—they inherit a legacy. Yet, in the face of economic pressures and sometimes misleading advice, many Black families are tempted to sell these inherited homes. This decision, while often made with the best intentions, can have significant and lasting consequences. In this article, we’ll explore five crucial reasons why Black families should hold onto their inherited homes, safeguarding their wealth, history, and future.
1. Preserving generational wealth
One of the most compelling reasons to retain inherited property is the preservation of generational wealth. Homeownership has long been recognized as a primary means of building and sustaining wealth in America. For Black families, who have historically been excluded from wealth-building opportunities due to systemic racism and discriminatory practices, inherited homes represent a rare and precious asset. Selling this asset may provide immediate financial relief, but it also means relinquishing an opportunity to build wealth for future generations. By keeping the property, families can ensure that the value of the home continues to appreciate over time, providing a financial foundation for children, grandchildren, and beyond.
2. Maintaining a sense of identity and belonging
Homes are not just structures made of bricks and mortar; they are repositories of memories, culture, and identity. For many Black families, inherited homes are often located in historically significant neighborhoods where generations have lived, worked, and built communities. Selling these homes can lead to a loss of cultural connection and a sense of belonging. The importance of maintaining ties to one’s roots cannot be overstated, especially in a society where Black communities have been systematically displaced and marginalized. Keeping an inherited home allows families to preserve their history and maintain a tangible connection to their past.
3. Avoiding the pitfalls of predatory buyers
In many cases, Black families who inherit homes may find themselves targeted by predatory real estate investors or buyers. These individuals or companies often offer quick cash deals that undervalue the property, exploiting families who may be unaware of the true market value of their home. Unfortunately, once the home is sold, it’s nearly impossible to reclaim it. By holding onto the property, families can avoid falling victim to these predatory practices and can instead explore options like renting or developing the property, which may provide both income and long-term value.
4. Strengthening the community
Inherited homes often serve as pillars of stability within Black neighborhoods. When these homes are sold to outsiders, it can lead to gentrification and the displacement of long-standing residents. This process not only fractures communities but also contributes to the erosion of Black cultural and social networks. By retaining inherited homes, Black families can play a crucial role in preserving the integrity of their neighborhoods. This decision can help maintain affordable housing options and ensure that Black communities remain vibrant, connected, and supportive environments.
5. Leveraging property for economic opportunities
Instead of selling an inherited home, families can explore various ways to leverage the property for economic gain. For instance, renting the home can provide a steady stream of income, which can be reinvested into other wealth-building opportunities such as education or starting a business. Additionally, the property can be used as collateral for loans, enabling families to access capital that can be used to improve their financial standing. By thinking creatively and strategically about how to use inherited property, Black families can unlock new opportunities for economic empowerment without losing a valuable asset.
The power of holding on
Inherited homes hold more than just monetary value—they are symbols of endurance, history, and the potential for a brighter future. For Black families, deciding to keep these homes is not just a financial choice but a powerful statement of commitment to their legacy and community. While the pressures to sell may be strong, the long-term benefits of holding onto inherited property far outweigh the immediate gains. By preserving these homes, Black families can continue to build wealth, maintain their cultural identity, and contribute to the strength and resilience of their communities for generations to come.
This story was created using AI technology.
