lucky readers through the BLACK ENTERPRISE Own Your First Home Contest. From July 21 to Sept. 1, readers can log on to blackenterprise.com to apply for a chance to win $10,000 toward a home and be featured in BE. The contest is limited to first-time home buyers who meet the credit requirements to qualify for a mortgage.
Why are we so committed to homeownership? Studies show that individuals who own homes have a significantly higher net worth than those who do not. And homeownership breeds an “ownership mentality,” which is critical to building wealth. There are also a number of tax breaks that benefit homeowners, and the equity in your home can help you leverage other wealth-building opportunities such as financing a business or paying for higher education. And perhaps most importantly, a home can be passed on, giving future generations a head start on wealth building.
“With housing prices skyrocketing, it’s essential that African Americans take the step toward homeownership now,” says Personal Finance Editor Matthew S. Scott. “Buying a home is becoming more and more expensive every day. We hope that by assisting our readers with this $10,000 gift, it will send the message that this is something anyone can achieve. If you’re not ready this year, start by fixing your credit and saving small amounts toward your down payment. If you want to build lasting wealth, homeownership is a necessity.”
For complete contest rules, go to blackenterprise.com today. —The Editors