Sierra Nevada Realtors redoubling commitment to Fair Housing Act
Submitted by Carson Now Reader on Sun, 05/19/2024 - 8:02am
The following is written by Sam Olson, I.D.E.A. Committee Chair & Robert Bartshe, president of Sierra Nevada Realtors.
Our state anthem boldly declares that ‘Home means Nevada.’ For many Nevadans, home also means economic prosperity and stability. For generations, home ownership has been a symbol of financial security and upward mobility. Home equity is the largest single financial asset for most American families, representing between 50% and 70% of net wealth. Buying a house is one of those marquee life moments that you never forget.
In April, we recognized the 56th anniversary of the Fair Housing Act, passed as part of the 1968 Civil Rights Act. Signed by President Lyndon Johnson, the law made it illegal to discriminate in housing transactions on the basis of race, color, national origin, religion, sex, disability, and familial status. After signing the legislation, President Johnson remarked: “Now, with this bill, the voice of justice speaks again. It proclaims that fair housing for all – all human beings who live in this country – is now a part of the American way of life.”
As Realtors, our commitment to making fair housing a lived reality for all is a year-round commitment, not a box to be checked or important only in the month of April. As Northern Nevada continues to become a more diverse community, we must recognize that disparities still exist in terms of access to homeownership. The Reno metropolitan area has grown 15% from 2010 to 2020, boasting a more diverse community than ever before. With more than 2,300 new job opportunities in the region, we are attracting significant in-migration as more people choose to call the Silver State home.
Some progress has been made to bridge this gap with 2022 homeownership rates for racial minorities increasing among Asian and Hispanic Americans, but there is still more work to be done to achieve equal access for everyone.
Nationally, over the last decade, U.S. homeownership has increased to 65%, rebounding from a low point in 2016 and navigating the challenges presented by the COVID-19 pandemic. However, there are still significant disparities in housing affordability for people across racial and ethnic groups; for example, Black homeownership rates are still just 44%. The discrepancies are multifaceted and have a deeply rooted history, emphasizing the importance of the Fair Housing Act, even half a century later.
The housing market in Northern Nevada has faced its own set of difficulties because of the upward trend of people moving to the area to pursue jobs at major corporations. The rise in the population has put a strain on the housing market, making it even harder for people to find a home at an affordable cost.
Mortgage and rent prices have shot through the roof, and many people in minority communities may not be able to afford it. According to a report from the National Association of Realtors, 41% of Black homeowners spend more than 30% of their income on housing, compared to 24% of white owners. Home equity is the biggest financial asset for an American family, it is vital that every community has equal access to achieve homeownership and the generational prosperity it unlocks.
The Sierra Nevada Realtors have the opportunity to help families and individuals find the dream home that they are looking for. They can ensure that typically underserved communities are being heard and supported throughout the already stressful process of looking for a forever home.
The I.D.E.A. Committee (Inclusion, Diversity, Equity & Accessibility) is planning multiple events this year focusing on diversity and bias training. On June 20, members can obtain their At Home with Diversity certification that is designed to enable agents to work successfully with and within a rapidly changing multicultural market. Then on the next day, June 21, members can learn about avoiding fair housing pitfalls and provide equitable professional service to every client and customer. The I.D.E.A. Committee, in partnership with Sierra Nevada Realtors, aims to champion the mission of fair housing for all.
Buying a home may be one of the biggest purchases a person makes in a lifetime, and is a process that everyone should have fair access to. Bringing the goals of the Fair Housing Act to fruition demands a collective effort from elected officials and community leaders. Sierra Nevada Realtors are committed to doing our part to represent the community, in order to make the goals of the Fair Housing Act, the stability and generational wealth creation that homeownership represents, a reality for everyone.
