Potential buyers with a low income in comparison to the median income in their region have an especially difficult time becoming homeowners because of the difficulty of saving money. We asked Lauren Bringle, an accredited financial counselor with Self Financial, a financial-tech start-up with a mission to help people build their credit and savings, for advice for prospective buyers who face the obstacle of a lower income.
“According to a 2020 customer survey by Accion, 57 percent of Self customers said their top financial goal was to buy a house,” Bringle wrote in an email. “This topic is particularly relevant in the Black community, with 41 percent of Black Americans stating buying a house would be their top money goal if they had good credit, according to a survey by Wakefield Research and Self Financial.”
A financial counselor from Accion Venture Lab portfolio company Self is quoted in this Washington Post article.