When it comes to building wealth, east of the Anacostia River resident understands that one of the tenets of generational financial security is homeownership.
Ellis is the owner of , a financial management and services firm based in Silver Spring, Maryland. He lives with his wife Simone Ellis in the Shipley Terrace neighborhood of Ward 8 in Southeast; in a house that his wife owns.
However, the couple is seeking to buy a home together. On June 21, they were among the dozens of people who attended the that took place at the R.I.S.E. Demonstration Center on the St. Elizabeths East Campus in Ward 8s Congress Heights neighborhood.
We are looking at our home buying options, said Ellis, 54. We would like to stay in the city. The city is convenient but where we stay needs to be affordable.
The Skinny on D.C. Homeownership
In the District, the homeownership rate is 40.2% according to USAFacts. Specifically, 2 in 5 households in the District own their dwelling.
Among African Americans in the District, the homeownership rate is 31.7% while 49% of white households own their home, according to D.C. government statistics.
One of the factors affecting the purchase of a home is affordability. In the District, the median price of a single-family home is $708,000, Redfin reports, while the national median price is $418,000 according to YCharts.com.
is a luxury property specialist at Coldwell Banker and is passionate about African Americans owning homes in the District. She knows homeownership is considered not an easy task to accomplish but should be pursued, nonetheless.
I am in support of homeownership, which is important for the Black community, Black, 40, said. Owning a home in the city is not as hard as it seems. The District has so many resources for people who want to be homebuyers.
Job Loss and Its Impact on D.C. Home Buying
Since the start of the second Trump presidential administration, there have been layoffs of federal employees, and indirectly, contractors that has affected the employment picture in the 51心頭, D.C. metropolitan area.
Over 162,000 District residents work for the federal government and due to the activities of the Trump administrations Department of General Efficiency or the proposed 2026 fiscal year budget, a number of these jobs are subject to be eliminated. People losing their income plays a major role in whether a mortgage can be maintained, and ultimately whether a person will be able to stay in their home.
, the director of the D.C. Housing Finance Agency, told The Informer that people who lose their jobs cannot be assisted by his agency.
We would refer people to other agencies for assistance, said Donald, 51. No foreclosure assistance is available, we would refer them to other agencies. They would be encouraged to investigate the Housing Counseling Service.
Black agreed with Donald that consulting an organization like the Housing Counseling Service is a good idea. She said reaching out to a broker for help works also.
A knowledgeable agent can help you, she said. There are scenarios where you can sell your home and make money while your house is in the foreclosure process.
Donald noted there is a popular perception that foreclosures are due to rise in the city because of the shaky economy and job losses due to federal government reductions, but he said that is not the case.
The more immediate concern is not people losing their homes to foreclosures but people not paying their rent, he said. It is important for the citys rental ecosystem to stay healthy.
Making D.C. Homeownership Happen
Many people start the homebuying process without the aid of experts and professionals in the housing field, according to Black, and that is not a good move, she says.
One should start with a realtor, said Black. A realtor may have access to better resources (such as a lending institution) to use) when a home buying journey begins. It is important to have the right person in your corner.
Black said many people are discouraged from entering the homebuying process because of low credit scores but she said there are some programs available that offer people mortgages with a score of 580.
, a national economic empowerment and financial planning nonprofit organization, wants to be future District homebuyers right person in the corner.
When the homebuying process starts, we look at credit, a clients personal budget and create a game plan, Solice, 35, said. I am basically your coach.
Solice, who is based in the Baltimore area, said Operation HOPE has partnerships with key national banks and other financial institutions to help their clients with issues such as down payment assistance.
I will help you with the initial consultation when you get the keys to your home, he said.
Ellis said he had a great experience at the homebuying fair and will use the information that he obtained from the vendors and the professionals there.
This is a good event, he said. The vendors are pretty knowledgeable and there is a good diversity of community organizations, banks and nonprofits to help you buy a home.