Real estate, black millennial, home, buying, market, home, tips

by Jeffrey McKinney

May 14, 2024

Black Millennials Greatly Reduce Debt Yet Struggle With Home Affordability: 5 Tips To Help Trim the Cost Burden

Jaime Seale shared with BLACK ENTERPRISE that more non-Black millennials will continue their home search while prices and interest rates are high.

Originally Published Jan. 26, 2023.

In 2023, 34% of Black millennials had at least $10,000 in non-mortgage debt this year, a staggering 60% drop from 2022.

The finding raises the question of whether those millennials erased their debt. It’s possible, but real estate expert Jaime Seale explained it’s more likely that as inflation pushed up home prices and interest rates, millennials with large amounts of debt dropped out of the home search and postponed their purchase.

Contrarily, 46% of all millennials had a minimum of $10,000 in debt in 2023, down from about 71% last year.

Seale, author of the Millennial Home Buyer Report: 2023 Edition, told BLACK ENTERPRISE that more non-Black millennials will continue their home search while prices and interest rates are high.

Individuals quizzed in Seale’s report were asked about their homebuying plans this year. Black millennials (30%) are more concerned than their non-Black peers (29%) about qualifying for a mortgage. Seale said Black millennials tend to have lower credit scores than their white counterparts and are 2.5 times more likely to be rejected for mortgage loans.

“It’s important for Black millennials to get mortgages to help them afford homes because owning a home is one of the best ways to build generational wealth,” she notes. In 2019, Black homeowners had a median household wealth of $113,130—more than 60 times higher than Black renters.

To help attain homeownership, Black millennials are putting down less of a down payment.

A key reason: Debt is a major hurdle to saving for a down payment, and saving such is one of the top three barriers to buying a home for Black millennials. Some 42% report interest rates are too high and 38% cite both homes being too expensive and saving for a down payment as obstacles.

Around 73% of Black millennials plan to put down less than 20% for a down payment, versus 62% of all millennials. Seale says it is possible that saving for a down payment is more difficult because Black millennials typically earn less than their white counterparts and have more debt.

She made clear Black millennials who don’t put down a full 20% may have a higher interest rate because banks assume more risk. And with less money spent on a home purchase, Black millennials are more likely to buy less costly homes. Seale says nearly 23% of millennials plan on buying a home that costs more than the national median of $455,000, but only 8% of Black millennials plan to do the same.

More specifically, she says, 18% of Black millennials (versus 13% of all millennials) plan to buy a home in the $100,000 to $149,999 range this year. Some 16% of Black millennials (compared to 9% of all millennials) plan to buy a home in the $200,000 to $249,999 range.

Black millennials also are less inclined to risk their money given inflation and high-interest rates make home-buying even more unaffordable. For instance, Seale added 65% of all millennials would buy a fixer-upper, but only 58% of Black millennials would take that gamble. Some 40% of Black millennials fear having to make major repairs, and 39% worry about the hidden costs of homeownership.

Here are some tips Seale offered for buying a home:

“Expand your search: To stay within budget, Black millennials may need to look at smaller properties or in rural areas or less [in-]demand neighborhoods.”
“Improve your credit score: In a high-cost environment, qualifying for the lowest possible interest rate will lower your monthly mortgage payment. To improve your credit score, pay down debts and avoid any late payments.”
Choose a shorter loan term: If you can afford a higher monthly payment, a 15-year loan usually has lower interest rates than a 30-year loan, meaning you’ll pay less in interest over time.
“Shop around: Talk with several different lenders to make sure you’re getting the best deal and the lowest rate. As interest rates rise, the number of home buyers who need a mortgage has dropped, so lenders will be eager for your business.”
“Alter your timing: Interest rates fluctuate, if you postpone your search, they may be lower in the future. However, that’s not without risks. Interest rates may continue to rise, as well as inflation. If inflation continues to increase, you’ll save more money by buying now than in the future, when money may hold less value.”

The Invisible Ache, Courtney B. Vance And Dr. Robin L. Smith, Black Men’s Mental Health

by Jeroslyn JoVonn

May 14, 2024

Courtney B. Vance And Dr. Robin L. Smith Put Black Men’s Mental Health At Forefront In ‘The Invisible Ache’

Courtney B. Vance has written a new guidebook aimed at helping Black men heal.

Actor Courtney B. Vance and psychologist Dr. Robin L. Smith have written a guidebook aimed at helping Black men heal.

Released in November 2023, The Invisible Ache: Black Men Identifying Their Pain and Reclaiming Their Power sees Vance and Smith combine memoirs, psychology, and practical tools to offer Black men guidance and support for reclaiming their mental health and wellness. The duo are on a promotional tour during Mental Health Awareness Month to amplify the book’s message and, they hope, save lives.

“There is an African proverb we use in the book that says ‘The lion’s story will never be known as long as the hunter is the one to tell it.’ So what we are doing in The Invisible Ache is making sure that the lions—Black men and boys–are narrating and reclaiming their own stories,” Smith told Essence. “We want to get to a point where it is normalized to not only ask, do you hurt or whether you hurt, but where does it hurt? The Invisible Ache is a personal invitation to every Black boy and man to heal, declare, and proclaim their divine birthright to be fully human, whole, and free.”

Vance and Smith sat down for “The Couch Conversations” with Give Black Alliance last week where The Preacher’s Wife star opened up about the real-life tragedy he faced.

“My father took his life back in 1990. He shot himself…and my father was not at peace,” he said.

Vance was starring in Six Degrees of Separation on Broadway at the time and had to take time off to go home and be with his family. While there, his mother encouraged him to seek therapy to cope with the sudden death.

“Thank God I got the mandate from her,” he told People. While finding a therapist can be “fraught with so many reasons to say, ‘Ah, it’s too much work.’ When you’re on the outside of it, looking in, it’s overwhelming. It’s too much work for the potential payoff.”

However, “the payoff is you,” Vance says. “Thankfully I had a mother who encouraged me to seek counseling, and I had people like Laura Linney and the masseuse, Gunilla, who led me to Dr. K.”

Now, Vance is on a mission to remind Black men of their value and right to exist wholly and happily.

“The Invisible Ache grew out of my desire to provide a resource and safe s pace for Black men of all ages to explore, discuss, restore, and heal when it comes to our mental health,” Vance said. “I want the book to always serve as a reminder that we are worthy of happiness, of peace, of love, and of support.”

Terri Burns, Venture Capital Firm, Type Capital

by Stacy Jackson

May 14, 2024

Trailblazing Investor Terri Burns Launches Own VC Firm, Type Capital

The former GV partner plans to cut checks for pre-seed and seed-stage investments through her early-stage venture capital firm.

Terri Burns, formerly a partner at Google Ventures, has launched Type Capital, her very own early-stage venture capital firm.

As stated on its official website, Type Capital aims to invest in trailblazing founders pushing the boundaries of social and technological innovation. According to Tech Crunch‘s report, Burns has etched her name among the select few Black women who have established their own venture firms, with her company planning to cut checks for pre-seed and seed-stage investments.

Burns has set her sights on Gen Z founders, digital consumer companies, developer tools, and artificial intelligence, aspiring to be the first investor on board, contrary to other other investors that she said wait to see if a company is worth an investment. Her goal is to identify promising founders and leverage her vast network to facilitate subsequent investment opportunities.

Burns’ trajectory in the venture industry commenced in 2017 when she joined GV. At the age of 26, she marked a historic moment in her career when she became GV’s youngest and first Black woman partner, according to BLACK ENTERPRISE. The New York University computer science graduate initially kickstarted her career as an associate product manager at Twitter. “When I started my career as a computer scientist and product manager, I was hyper-focused: there was always one project, one feature, and one team I was focused on,” she said at the time. “…As a VC, I have the unique opportunity to really go broad and understand the greater entrepreneurial and technological market. As a person with many different interests, it’s the perfect balance for me.”

Tech Crunch highlighted that Burns played an instrumental role in several of the firm’s successful investments during her tenure at GV. She spearheaded the investment into the social app HAGS, which was later acquired by Snapchat. She was involved in Partiful, which further cemented her reputation. The angel investor also co-founded an angel investment collective that has invested in nearly a dozen companies.

Burns, named on the 2021 Forbes “30 Under 30” list, also served on the board of the nonprofit Brave Initiatives, imparting coding skills to girls from underserved communities.

Alabama Driver, Police Officer, Traffic Stop, Jail

by Sharelle B. McNair

May 14, 2024

Alabama Driver Must Apologize To Officer For Saying ‘Get Your Ass Out of The Way’ Or Go To Jail

Legal experts think jail time doesn't fit the crime regardless of the drivers' previous traffic offenses.

Court officials in Ozark, Alabama, are ordering a Black man to apologize to an officer who he told “get your ass out of the way,” or face jail time.

Ozark Municipal Court Judge Nicholas Bull is ordering Reginald Burks, 39, to write the officer an apology letter or sit in jail for 10 to 30 days if he decides otherwise. The aircraft mechanic says he will go to jail. “What am I going to do? I’m going to jail,” Burks said.

“I ain’t writing no letter. I can’t do it. I don’t see where it’s legal for him to do that.”

Burks was pulled over for speeding by a police officer on December 13, 2023, while taking his kids to school. The unidentified officer told the father that his radar gun was broken, so he estimated the speed by using cruise control. Not falling for it, Burks said the officer was “full of crap because there’s no way that he clocked my speed by cruise control.” That’s when things went left.

The officer gave Burks the ticket and then stood in front of his car, prompting him to back up and go around the officer. “I said, ‘Get your ass out of the way so I can take my kids to school,’” Burks said.

“My daughter’s like, ‘Daddy, you cursed.’ And I said, ‘I’m sorry boo.’”

Initially, Burks was just given a speeding ticket and did not face any other charges, such as disorderly conduct. He said thanks to advice from friends and family who serve as police officers telling him not to challenge the ticket, he went to court prepared to plead guilty and pay the fine of $183, according to WBRC. But when he found out the judge wanted him to write an apology, it didn’t sit well with him. “The judge told me the way I spoke to the officer is the reason he is doing the things he is doing,” Burks said.

The driver is planning on suing but admits finding a lawyer is difficult due to some having existing cases going before Judge Bull.

Legal experts feel the case raises questions about judicial power. Professor of criminal law Jenny Carroll says judges have done things like tell defendants not to contact victims or visit businesses. Others have gone further, including one Texas judge who controversially ordered sex offenders to post signs in their front yards regarding their convictions.

However, in Burks’ case, Carroll thinks jail time doesn’t fit the crime, regardless of the previous traffic offenses, according to a court document review. “I think it is one of those judicial orders that is sufficiently questionable that we ought to say, is it really proportional to give a 30-day sentence if he won’t say he’s sorry?” Carroll said.

“That’s a long time for what he allegedly said. And my guess is, we could stop most adults on the street, and they would admit that in a moment of frustration, he said something that may be regrettable but doesn’t deserve a 30-day sentence.”

Burks, who admitted to using an expletive towards the officer, doesn’t believe he did anything wrong. While Alabama law prohibits cursing in public, Carroll thinks that’s the charge he should have been charged with, if Bull intended to punish him for his speech. “If I did something to offend him or bodily harm him in any way, I would apologize,” Burks said.

“But I didn’t do anything to this officer besides curse. And there’s no law saying that I can’t curse or speak my mind.”

He is scheduled to go back to court to learn his fate on June 4 for a hearing.

by Jeroslyn JoVonn

May 14, 2024

How Def Jam Chairman/CEO Tunji Balogun Plans To Turn Iconic Label Into The Destination For ‘Global Black Music’

Def Jam Chairman/CEO Tunji Balogun plans to turn the iconic label into the premiere destination for "global Black music."

Def Jam Chairman/CEO Tunji Balogun is laying out his big plans for the future of the iconic record label and how he will turn it into the premiere destination for “global Black music.”

Balogun is on a mission to continue Def Jam’s legacy by revising its image and reshaping its future. Since taking on the role of Chairman/CEO in January 2022, Balogun has been behind the reworking of the label’s roster, signing notable acts like Coco Jones, Muni Long, and Armani White, Billboard reported.

However, it was no easy feat as Balogun joined the label at a time when there were “a lot of question marks” around its future. Def Jam had faced five years of nonstop disruption that started with the label’s founder Russell Simmons stepping down in 2017 after he was publicly accused of sexual assault by multiple women; allegations he denies.

When Balogun came on board, he knew his main focus had to be on bringing balance to the legendary label known for its role in the growth of hip-hop and for breaking big acts like LL Cool J, Public Enemy, Jay-Z, Rihanna, and many more. Balogun came with a reputable résumé, having worked with significant acts like Kendrick Lamar, Khalid, Normani, and H.E.R. but joined a label that was on the decline.

At the close of 2023, Def Jam’s market share was at 0.65%. It followed a three-year decline in market share prior to Balogun’s arrival. Now with the Nigerian American steering the ship, he has his eye on global expansion, with a roster of talent that represents the world. Along with Muni Long, Coco Jones, and Armani White, Balogun has also signed Dancehall hitmaker Masicka and Afrobeats stars Adekunle Gold and Odumodublvck (in partnership with Native Records).

With a focus on truly nurturing Def Jam artists while continuing to usher in the next generation of talent, Balogun is putting artist development back at the forefront of breaking new music acts. With Def Jam celebrating its 40th anniversary this year, Balogun is confident that his ambitious plans for the label will solidify its respect and prestige in a constantly evolving music industry.

NBA Champion Dwyane Wade, Trans Youth, LGBTQ+ Advocacy

by Cedric 'BIG CED' Thornton

May 14, 2024

Dwyane Wade Admits Taking Several Years To Learn How To Manage Money

"To be able to know what to do, you have to be with people who are on the level that you’re on. And I didn’t do that," Wade admitted.

Though Miami Heat basketball legend Dwyane Wade had a successful playing career and is now thriving as an entrepreneur, he said it took him several years to learn how to manage his money.

According to CNBC Make It, Wade said that with the significant sums of money young athletes are earning today, he hopes they have someone knowledgeable about financial management in their corner. He recalled that when he first entered the league, it took him over five years “to even start to understand” how to manage his millions.

“I came into the league as someone who had never really handled more than $500 at a time, and [suddenly] I’m making millions of dollars,” Wade told CNBC Make It while promoting a partnership with Google Workspace. “It’s not that I didn’t have good people around me. It’s that no one was making the level of money that I was making. To be able to know what to do, you have to be with people who are on the level that you’re on. And I didn’t do that.”

Wade, 42, admitted he was too proud to ask for help at the onset of his playing career, making the type of money he was making as a first-round draft pick and young NBA superstar. When he did get the necessary financial advice, he still did not know what was being told to him. He said he didn’t know if he even knew how to listen.

“You don’t want people to think less of you because you don’t know something like how much money you have or what to do with your money,” he said.

However, he expressed his hope that the newer professional athletes are receiving the necessary guidance from the leagues to help them make informed financial decisions and manage their money wisely.

RELATED CONTENT: Dwyane Wade Cuts Ties With Jordan Brand

Malcolm-Jamal Warner, Actor, Hip-Hop, kendrick Lamar, drake, battle, beef, rap

by Cedric 'BIG CED' Thornton

May 14, 2024

Malcolm-Jamal Warner Wants Balance In Hip-Hop

"Our music is not reflecting of positivity, love, and upliftment of our culture. So much of our Black music is anti-Black," Warner said.

The recent Kendrick Lamar and Drake beef has been part of the national conversation for days. So when the TMZ cameras caught up with The Cosby Show alum Malcolm-Jamal Warner, he gave his thoughts about the battle and the perception of what it does to the hip-hop culture.

When the topic was brought up, the TMZ cameraperson asked Warner, who also starred on the popular sitcom Malcolm & Eddie, if he thought the mud-slinging between the two hip-hop heavyweights was detrimental to the genre. He responded that the bad elements of the culture have been normalized, even with rappers calling each other the N-word and the subject matter that appears in a lot of rap songs tends to cater to either “murkin’” somebody, selling and/or taking drugs, and misogyny.

The actor said, “It’s been normalized for us to call ourselves the N-word. We like to talk about how we’ve taken the power of that word back. I’m of the school of thought that if I am trying to speak love and upliftment to my brother, why am I going to borrow a word from people who hate me?”

He added, “Our music is not reflecting of positivity, love, and upliftment of our culture. So much of our Black music is anti-Black.”

Warner ended by pointing out that the music could have a balance to it and not be negative most of the time. He blames the media for focusing on the ignorant side of hip-hop. He said that attention should be given to music that is being played in underground circles that is dope and promotes positivity and is not viewed in such a negative way.

He added that Black music needs the balance away from the stereotypical music we listen to today.

RELATED CONTENT: Drake’s Security Guard Shot At Toronto Home

Registered Nurse, 69-Year-Old Grandmother , Career, Hospital, Doctor

by Stacy Jackson

May 14, 2024

69-Year-Old Grandmother Fulfills Lifelong Dream By Becoming A Registered Nurse

The Georgia grandmother leaned on her family and colleagues for support.

An Albany, Georgia, grandmother named Loretta Mack, 69, has fulfilled a lifelong ambition by becoming a registered nurse.

“I did it,” Mack told WALB News.

Having worked as a certified nursing assistant for six years, Mack’s journey toward becoming an RN didn’t come without its challenges. However, she persevered, driven by her love for people and the desire to take care of them. Mack believed that assuming the role of a registered nurse would allow her to be “a great example” for others.

Encouraged by a resource nurse, Mack embarked on her dream of becoming an RN, surrounded by a supportive village. Travel nurse Heather Jackson extended her contract to serve as Mack’s preceptor nurse. She was drawn to Mack’s kind spirit and fun-loving personality. “[Loretta] doesn’t just come in and blow through your room,” Jackson told the outlet. “If there’s something that needs to be done, she’s going to do it. [Loretta’s] going to make sure that you’re clean, that you’re fed, that you’re taken care of, and she will sit and talk to you, too.”

Mack’s family also played a crucial role in her support system throughout her journey to achieving her dream. “From my sister, from my grandson Ramondo, from my grandson Julian. Everybody helped me,” she said. Mack also acknowledged the doctors who took the time to assist her with practice tests and homework. “It was like everyone was waiting for Loretta to finish school,” she said.

The long-awaited accomplishment has filled the nurse with encouragement, which she will now extends to others.

“Age is just a number. I don’t know who thought of that, but it’s just a number. I feel that at any age, you can do whatever you set your mind to do. If you really want to do it, you can do it,” Mack said

student loan forgiveness, fresh start program, idk, forgiveness, Connecticut student loans

by Kemberley Washington, CPA

May 14, 2024

Just Graduated College? It’s Time To Tackle Your Student Loans

Student loan debt is now more than $1 trillion and continues to rise. For many younger Americans, it has become the largest household debt.

Originally Published June 18, 2018.

Student loan debt for many recent college graduates is becoming the norm. Student loan debt is now more than $1 trillion and continues to rise. For many younger Americans, it has become the largest household debt.

A Federal Reserve Bank of Michigan report states that 30% of all Black student borrowers default on their student loans after entering college. This is true even of students who earned a bachelor’s degree, including 75% of borrowers who dropped out of for-profit colleges.

Although the statistics are grim, you don’t have to become a statistic. Being informed and proactive can help you manage your loans and create wealth for life as you embark on your career journey.

The First 3 Things to Know About Student Loan Debt

Forgiveness programs

The Department of Education offers forgiveness programs to help borrowers with student loan debt. These programs include the Public Service Loan Forgiveness (PSLF) and the Teacher Loan Forgiveness (TLF) programs, both of which are designed to alleviate the student loan burden.

The PSLF program is available to borrowers who work full-time in public service jobs. Federal, state, and local government jobs qualify (including certain nonprofit employers), as do jobs with tax-exempt nonprofits. Borrowers must make 120 qualified payments before they are eligible for forgiveness of the remaining loan balance. The TLF program is available to teachers who teach full-time for five complete and consecutive years at certain elementary and secondary schools, and other qualified educational institutions that serve low-income individuals. To determine if the school you teach at qualifies, visit the Teacher Cancellation Low-Income Directory.

Get an understanding

After graduating, get an understanding of your student loan providers. If you are unsure who holds your student loans, visit the US Department of Education’s website. This will guide you in determining the next steps to better manage your student loans. In addition, also consider Sallie Mae’s Manage Your Loan portal. This provides borrowers with various tools to manage payments, apply for deferments, and additional tools to get a handle on their loans.

Payment options

Generally, borrowers are not responsible for payments until six months after graduation. If, at that time, you are having difficulties making payments, contact your loan provider as soon as possible. Borrowers may be able to request a deferment or forbearance, which allows users to postpone payments until a later date. Keep in mind that the main difference between a deferment and forbearance is that you may not be responsible for making interest payments with a deferment (there are some exceptions). Either way, keeping your provider in the loop is a good idea. Doing so can protect your credit and provide payment options to tackle your student loan debt.

—Stacy Tisdale and Robin White Goode contributed to this article.

Keke Palmer, webby, awards, Tyler Perry,

by Jeroslyn JoVonn

May 14, 2024

Keke Palmer, Shannon Sharpe, And More Hit The Stage To Accept Their Webby Awards

Keke Palmer, Shannon Sharpe, Jerrod Carmichael, and more take home big honors at 28th annual Webby Awards.

The 28th annual Webby Awards took place on Monday, May 13, where Keke Palmer, Shannon Sharpe, Jerrod Carmichael, and more hit the stage to accept their accolades.

A few of the year’s top internet personalities, visionaries, and activists attended the star-studded ceremony at Cipriani Wall Street in New York City where Palmer, Sharpe, Carmichael, Laverne Cox, and many more took home big honors. The event was hosted by “Late Night with Seth Meyers” writer Amber Ruffin who brought the funny with her opening monologue, nightlong jokes, and spoof of Meatloaf’s classic song “I’d Do Anything for Love.”

“Tonight we’ll be honoring the best in websites, apps, podcasts, games, and branded entertainment. Basically, we are honoring all the best ways to procrastinate,” Ruffin jokingly told the crowd.

Her take on Meatloaf’s classic 1993 ballad comedically sent a farewell to the people, places, and things that have become “obsolete or uncool,” like Tesla Cybertrucks, Truth Social, NFTs, and rapper Drake. Palmer looked stunning in a cream-colored corset with a matching satin skirt. She was present to accept her Webby Special Achievement Award for the success of her platforms “Baby, This Is Keke Palmer” and KeyTV.

“I’m blessed to do this,” Palmer said during her speech.

President of the NAACP, Derrick Johnson, presented Sharpe with the Webby Advocate of the Year Award and applauded the NFL champion for his impact on sports commentary, advocacy, and the success of his “Club Shay Shay” podcast.

“No one is requiring him to give back to the world. But Shannon does so because he requires himself to do so,” Johnson said.

Comedian Lil Rel Howery presented Carmichael with the Webby Outstanding Comedic Performance Award. The “Jerrod Carmichael Reality Show” star accepted the award while telling the audience to “risk everything every time.”

Actress and activist Laverne Cox moved the audience with her acceptance speech for the Webby Award for Diversity, Equity & Inclusion in Podcasts. She credited “The Laverne Cox Show” for being “Healing, collective trauma, necessary, possible.”

The full list of Webby Award winners can be found HERE.