She also believes loan officers and lenders need to step into community spaces, offering education where it’s most accessible. “Run free events, educate realtors and borrowers where they are,” she said.
Generational wealth and homeownership
Homeownership has long been a cornerstone of building generational wealth, yet many minority families face systemic hurdles that limit access. Historic redlining, unequal access to credit, and reduced intergenerational savings have left ownership rates significantly lower among Black and Hispanic households compared to white households. These gaps ripple across generations, influencing both financial stability and opportunity.
Chung stresses why addressing these disparities matters: “Beyond the price, the feeling of ownership is priceless. No one can take it away.”
The challenges she highlights mirror the realities many borrowers encounter – whether it’s navigating complex requirements, limited savings, or cultural and structural biases. Single mothers, for example, often face the process alone, compounding the barriers they already carry. “A Caucasian woman can’t tell a Black single mother how she feels. A Caucasian man can’t tell a Hispanic woman what it’s like to work three jobs and still try to qualify,” she said.
Her perspective reflects a broader concern shared by housing advocates: without more consistent guidance and targeted support, minority families risk being locked out of homeownership and the wealth-building opportunities it provides for generations to come.