For many years, Black Americans have been at a disadvantage when it comes to homeownership and acquiring wealth.

Homeownership is one of the most common forms of building wealth.

One of the biggest purchases a person can make is buying a home. Buying a new home is typically an excellent long-term investment; once the mortgage is paid off, you are left with a high-value asset under your name.

The Black homeownership gap has increased by more than 30% since the height of the pandemic. That is higher than it was 60 years ago when racial discrimination in housing was legal.

Since the COVID-19 pandemic, the housing market has continued to rise in value, although the economy has been in a recession. With the fear and uncertainty of the pandemic, many began purchasing homes, ultimately raising the average house price.

Buying a home is a big deal, so it is important to be financially prepared in advance. Here are nine steps to take to prepare yourself to become a homeowner.

During the height of the COVID-19 pandemic, the rental market experienced lower prices due to the economic downturn. However, since the pandemic’s worst days are over, monthly rents are back on the rise.

On Wednesday, May 4, 2022, the Federal Reserve Bank announced they will be raising interest rates by a half-point. The rising rates have been at their highest point in more than 20 years, and the increased rates have caused the stock market to go into a frenzy, with the S&P 500 dropping by 3.5% the following day.

Your credit score is used by lenders to determine your credit risk when it comes to borrowing money. The higher your credit score, generally speaking, the more you'll be able to borrow, and the lower your interest rate. That can save you thousands of dollars over the life of your loan. So, if you're looking to purchase a home, read on to learn how to optimize your credit score.

New businesses must balance the twin pressures of large outflows of cash against limited inflows. Developing a financial management plan and closely monitoring cash flow are among several business moves that can position a new entrepreneur for success.