Because we’ve always been playing catch up as a Black community,” he explains. “But it’s important to start building something that you can kind of give away. As a result, the Brookings institute finds a typical white family has 10 times more wealth than a Black family. That’s important since the Jones’ didn’t have family money to help purchase their home.įederal and state governments have robbed Black people of creating generational wealth and propelled white wealth. “I was trying to figure out where you could get the most equity,” he says in a frank tone. When it came to finding the perfect house, Marcell wasn’t tied to a specific neighborhood since he’s still learning the city. With competition tightening and the supply of housing dropping, prices are on the rise for homebuyers and for renters. “And when I lived here the first time it was. “Marcell had this idea - and maybe I sold him on this - that we were going to save so much money moving here and our house would be so much less expensive,” Nyeisha Jones says. In the first couple months of the pandemic, they bought their home for a little over $477,000. Nyeisha Jones and her husband, Marcell, recently moved from the Washington, D.C., area. In Buena Vista, a neighborhood in North Nashville, a young Black couple was able to dodge most of these pressures when they purchased their home. Renters are more likely to feel the increase since they renew leases yearly. couple starts to create generational wealth Nyeisha and Marcell Jones say older residents have been excited to see a younger Black couple moving into the newly built home.Ī D.C. So that leaves cities and nonprofits trying to solve a big problem with little capital.
#FORECLOSED HOMES THOMPSONS STATION TN PLUS#
Plus the federal government isn’t pitching in as much money for affordable housing as they used to. “Landlords have decided over the last five to 10 years, that they can make a lot more money on the private side and have opted out of being Section 8 landlords,” Chilton says, referring to the federal rental assistance program. He adds that some small mom-and-pop landlords are mirroring a lot of what works for big landlords, including looking for wealthier renters. “It’s no longer just families competing with other families to buy a single-family home or rent an apartment,” Chilton says. Investors converted these homes into more expensive rentals, says Ken Chilton, an associate professor at Tennessee State University. Another is that, after the Great Recession, investors started purchasing foreclosed homes nationwide. Rising incomes is one of the factors driving up prices. How does home-buying impact the rental market? “How can I get a job like that? That’s what I want to know,” Mahurin tells WPLN News after we shared the National Association of Realtors’ data with her. That’s almost $30,000 more than a decade ago. To answer her question, the average homebuyer in the Nashville area is around 40 years old and the median household income is $92,691. “What universe am I living in? And who are these other people who apparently can afford to buy and sell all these houses or rent these high priced apartments,” she says. That led her to ask Nash In The Know: While many are struggling to pay rent due to the pandemic, how has the housing market in greater Nashville continued to thrive? Mahurin scrolls through Craigslist and other sites weekly hoping to find a cheaper apartment in Franklin, so her daughter can stay in the school district, but so far she’s had zero luck. Department of Housing and Urban Development says residents should only spend 30% of their income on housing for it to be considered affordable.
Now rent eats up 50% of her check and all her safety nets are tapped. She had been making up to $80,000 as an animal behaviorist and comfortably paying around $1,200 in rent.
“I needed to find it fairly quickly after my husband and I separated,” she says.īetween Mahurin’s person life and the COVID-19 pandemic, her job and living arrangements were shaken up. It’s all she could afford in the area so she’s been sleeping on her couch. Ellen Mahurin’s Franklin townhome is a classic 1980s build with grey aluminum siding and two spacious upstairs bedrooms.īut it’s not enough space for Mahurin and her two teenage kids.
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