Inside the U.S. there is a homeownership equity gap between different races, according to data from the Urban Institute. Real estate agents of color are looking to bridge the gap.
One Hartford relator wants to ensure communities of color have a fair shot at generational wealth.
For Adrian Myles, selling homes is more of a second act. He's also the first in his family to enter the real estate industry in the U.S.
"Growing up we were interested in becoming doctors, lawyers, and working in the hotel industry," said Myles. "I didn't even know what a realtor was or what his/her role or responsibilities."
After 25 years as a professional chef, he took a leap of faith vying to bring in more money for his family and noticing a lack of diversity in people owning their homes.
"The African American community, the West Indian community, the Hispanic community, those are communities that regularly find themselves in the rental market," said Myles. "Everyone deserves an equal opportunity to own a piece of the rock."
"Those big banks have been primarily driven by white capital and have shut out people of color across time," said Michael Kraus, a management professor at Yale University. "Over this last summer up until this point, there's been more space for thinking about how unequal things currently are and I think those are the moments when you can think differently and make more progressive action."
As for Myles, he too believes communities have color just need a chance and be willing to take the first step.
"People are seeing the opportunities to spread their wings to actually own something," said Myles. "You're equally qualified to buy this house so don't give up."
Adrian has three suggestions for potential home buyers:
- Have a steady flow of income.
- Have a good credit score.
- Money for a down payment.