The Importance of Valuing Black Wealth and Housing Stability

As August comes to a close, it’s important that we reflect on the significance of National Black Philanthropy Month and Black wealth. According to Giving USA, nearly two-thirds of Black households give charitable donations totaling $11 billion annually.? Statistics show that Black households donate a higher share of their wealth (25%) and they have the lowest median wealth compared to other ethnic groups. 48% of Black households who give report incomes below $50K per year.

In 2023 PHA was awarded funding to evaluate the impact of critical home repairs on the wealth and well-being of Black families and neighborhoods in Richmond. As housing costs have increased steadily over the past five years and the Richmond region has become a high growth area in Virginia, ensuring that Black families are able to maintain the wealth associated with homeownership is critical to closing this racial wealth gap and preventing displacement.

There are still many unknowns surrounding the impact of home repairs on the preservation of wealth for Black households, who are more likely to have significant repair needs because they typically have less access to financial options for purchasing updated homes or rehabilitating older homes.

PHA hopes to encourage housing advocates and leaders across the region to consider preservation as a critical tool to advancing racial equity. In conjunction with projects focusing on increasing opportunities for Black homeownership such as the WORTH Initiative and Amandla Fund, sustaining existing Black wealth must not be overlooked in the broader context of addressing the racial wealth gap and assuring that it does not continue to widen. With a focus on preserving Black homeownership through critical home repairs, we can prevent displacement of Black households and sustain the wealth that has been accumulated by Black families after a long history of wealth extraction from the Black community in Richmond.

As we end August, we hope you consider contributing to our efforts to ensure Black families continue to have access to the benefits of homeownership in the region.? Donate by clicking here.