Categories: Rev. Dr. Charles Butler,
Can anyone afford to buy a home in Harlem? This is the question we are considering again today. It does appear that Harlem like all of New York City has become a place where only the wealthy can afford to live. Some people will blame this problem on the gentrification of the Harlem community. Our neighborhood has transitioned from one of the most unattractive crime and drug infested eye sores in the city into a beautiful, vibrant, multiethnic, and family-oriented community. This transition has been wonderful tremendous to witness.
On one hand this transformation has become a good thing for the community residents. New businesses have moved into the neighborhood making shopping more convenient and accessible. There is now a better quality and variety of fresh foods and produce available. This selection has afforded the community with the opportunity to prepare more nutritious and healthier meals than we could have provided for our families in the past.
What is even of a greater benefit to the community has been the significant reduction in the crime statistics. There are also now more police officers patrolling the neighborhood. This high visibility of law enforcement officers has provided the community with a greater sense of security in traveling throughout the neighborhood. You still, however, must always exercise caution wherever you go. All these qualities are essential to making an attractive community.
But on the other hand, this attraction comes at a very costly price. The real estate values for homes in Harlem continue to increase. These increases in property values have caused a problem for the low to moderate income families who have for many years called Harlem their home.
These community residents are now finding that they are on the outside looking in. They are unable to compete with many prospective buyers looking to move into the community. The market purchase price of many renovated and newly constructed homes that are coming on the market greatly exceed what they can afford to spend. Although these new properties are being labeled as ‘affordable,’ they are not for many of the community residents and regrettably these opportunities are simply passing them by.
This is indeed most unfortunate, quite discouraging and remains the foremost challenge confronting most prospective first-time home buyers. But have faith, all is not lost. Homeownership can still become a reality. Understand not every unit in Harlem costs a million dollars, but nothing is cheap.
You must have the desire, dedication, and willingness to make some tough disciplined changes in your lifestyle to buy. Start today. Register for HCCI’s home buyer education workshop. Create a monthly household budget. Eliminate all unnecessary spending. Establish a monthly savings goal and stick to it. Pay off your credit debts, but keep the accounts open to improve your credit score.
For more information on the home buying process contact Rev. Dr. Charles Butler at 212 281 4887 ext. 231 or email cbutler@hcci.org.
