June is National Homeownership Month but for Invest Atlanta making the dream of homeownership is a year-round celebration!
Recently, our data and intelligence partner @NeigbhorhoodNexus analyzed home ownership trends in Atlanta and other cities across the U.S. and found upward movement in Black homeownership in recent years. According to the data, Atlanta ranks 11th among 38 U.S. cities with a population of at least 500,000 for Black homeownership; and between 2013-2023, the percentage for Black heads of households owning a home grew by 6.7%.
This is encouraging news because homeownership helps people build wealth. More importantly, it helps to chip away at Atlanta’s racial wealth gap that has persisted for way too long.
Homeownership is a key component of our economic development strategy based on economic mobility principles. In fact, we have several programs that support homeownership, including financial incentives to help people become first-time homebuyers and assistance for legacy residents, so they can remain in their home as they age.
So, it begs the question, has Invest Atlanta played a role in these increased rates of Black homeownership in Atlanta?
Here is what the data tell us: Since 2010, Invest Atlanta has provided $33.3 million in downpayment assistance loans to 1,829 homebuyers. Among that group of loan recipients, 84% were Black heads of households (those who specified race). In total, this is a collective $381 million in home value purchased, or an average of $209,000 in wealth created per homebuyer.
While more analysis is needed to show causation, these numbers point to a correlation between Invest Atlanta’s programs and wealth building. Our down-payment assistance programs play a vital role in helping people overcome financial barriers and leveling pathways to the dream of homeownership. It makes us so proud to see the work Invest Atlanta, the City of Atlanta and our partners do is making a difference!
