There is a general belief among economists that home ownership is a major source of the accumulation of wealth by the working class. The three-story walk up is the classic investment. The family lives on one floor and rents the other two units. Rental income pays for the building’s mortgage, real estate taxes and maintenance costs. But the wealth won’t be realized until the building is sold at some future time.
Most realtors would say that the three major determinants of value are location, location, location. While most people prefer some racial diversity, there is often a tipping point at which the size of the Black population will cause the desirability of the neighborhood to decline. It makes sense, therefore, to maintain the property at a high level.
Black youth have a great sense of connection to others of their age living in their location. Why else would they form gangs to protect neighborhoods where they don’t even own so much as a grain of sand? And how can some residents ignore trash cans and dump waste right on the street? There is much to learn.
Not everyone can afford the cost of living in a high-rent area, but it is good to acquire the practice and etiquette of doing so in order to be ready to buy your dream house when the opportunity arises.
