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8 - Homeownership and the Accumulation of Wealth

Published online by Cambridge University Press:  02 February 2023

Kris Marsh
Kris Marsh
Affiliation:
University of Maryland, College Park
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Summary

Chapter 8 examines in detail the Love Jones Cohort’s attitudes to wealth accumulation and homebuying, as well as highlights that those in the Cohort operate in an environment of considerable structural racism when it comes to acquiring assets. Chapter 8 further addresses persistent myths surrounding racial wealth inequality, including conventional ideas that promote greater educational attainment, harder work, better financial decisions, and other changes in habits and practices on the part of Black Americans. In Chapter 8, the Love Jones Cohort are cognizant of how their SALA status, in conjunction with family background, gender, age, a desire (or otherwise) for marriage, and responsibility to both family (friends) and the larger Black community, can shape thinking about potential wealth-building opportunities. It is also clear that when it comes to wealth accumulation, while the freedom that comes with SALA status can be an advantage in some cases, buying a home on a single income can impose a significant structural economic obstacle.

Keywords

racial wealth gaphomebuyingracial wealth gap mythsmarriage as Black citizenshiphomeownershipassetsdiscriminationhomebuyersdebt and taxestax laws
Type
Chapter
Information
The Love Jones Cohort
Single and Living Alone in the Black Middle Class
 , pp. 117 - 131
Publisher: Cambridge University Press
Print publication year: 2023

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