Rockford teacher's recent home purchase reflects a nationwide trend
Tatiana Elliott has achieved her dream of becoming a homeowner.
The 38-year-old math and science teacher at Galapagos Charter School has purchased a two-bedroom and two bath ranch house in northwest Rockford.
Elliott and her seven-year-old daughter, Alani, relocated from an apartment on North Avenue into their new home in July.
“The rising cost of renting just made it more reasonable to start looking into owning a piece of property and letting the money that I was spending on rent go toward something that is going to be mine,” she said.
Elliott’s story reflects a nationwide housing market trend showing Black and Latino homeownership rates are up significantly since 2019.
Data from the Census Bureau’s 2021 American Community Survey analyzed by the Urban Institute shows that Latino homeownership rates increased by 2.5% while the rate for the Black community rose by 2% over the two-year period.
“Homeownership rates among Blacks and Latinos jumped despite the pandemic’s negative effects,” NorthWest Illinois Alliance of Realtors CEO Conor Brown said in a news release. “This was partly due to low mortgage rates for those entering the market. Even though market conditions are changing quickly, this is really good overall news for the housing industry.”
More:Rockford-area home prices drop in October as interest rates remain high
Elliott was able to secure an FHA loan, which is backed by the federal government and is intended for home buyers who may not otherwise qualify for a mortgage. With an FHA loan, a homebuyer only needs to make a down payment of no more than 3.5 percent of the home’s value, according to the financial news website, The Street.
Realtors Yazmin Jones and Joshua Patterson spent several months assisting Elliott with her search before she was able to purchase a home.
“Coming out of the pandemic, there was a lack of inventory which made it that much more difficult having to compete against so many different offers,” Jones said. “So, that definitely stalled the process. However, it’s starting to shift slowly but surely.”
Historically, there were few opportunities for people of color to purchase a home, according to Patterson.
“Real estate is a relationship business.” he said. “That’s why I think when you see an increase in Black realtors, we see a correlation in the number of Black homeowners because of those relationships and the connection in the community.”
Elliott said her new home, which she purchased for $80,000, was move-in ready.
Her cousin lives next door and she has already met two other neighbors, whom she describes as friendly.
“It is a perfect new home for me and my daughter,” Elliott said. “I think I got it at a really good price compared to all of the other homes we looked at and we were outbid like 10 to 11 times. I just feel like this house was a pure blessing for me to get it at the price I did.”
Ken DeCoster covers business news and features. Contact him at 815-987-1391, kdecoster@rrstar.com or @DeCosterKen.
This article originally appeared on Rockford Register Star: Rockford teacher's recent home purchase reflects a nationwide trend
