Creating generational wealth in Buffalo’s Jefferson Avenue community with home ownership – WKBW 7 News Buffalo

BUFFALO, NY (WKBW) — A local real estate agent says it is his vision to promote home ownership to people living in the east Buffalo community.

“Homeownership is really a big, big, big thing in my life. I do believe in homeownership,” declared Brian Bailey, real estate broker, WNY Metro Roberts.

In the 14208 zip code, the average home price is more than $137,000, but the average income is just more than $33,000. More than half of those living in the Jefferson Avenue community are renters.

“Let’s just take these properties for instance, as you can see, they do need some work,” described Bailey.

Bailey sells mostly in Buffalo’s inner-city and met with me outside two Jefferson Avenue properties now for sale.

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Home for sale on Jefferson Avenue.

And having a chance at homeownership in this community would provide ‘generational wealth’.

In our recent 7 News Buffalo Strong Conversation Garnell Whitefield, who lost his mother Ruth in Buffalo’s mass shooting, blames deeply rooted and historically racist policies for leading to a lack of home ownership in the Jefferson Avenue community and a lack of equity.

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Garnell Whitefield, lost his mother Ruth in Buffalo’s mass shooting, speaking during WKBW’s Buffalo Strong Conversation.

“We had to subsidize our mother. She didn’t pass any wealth on to us, as is done in the majority community and white communities. There’s no wealth being distributed amongst our family members that will give us a head start— that will give our children a head start — none of that happens in our community,” Whitefield remarked.

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Brian Bailey, real estate broker, WNY Metro Roberts.

“We do have a lot of big companies coming in here — developers, I should say that’s taking this land and instead of building houses, to be able to offer programs in order for people to increase ownership, they choose to build buildings so they can make unaffordable rent,” Bailey explained. “A lot of clients that come to me really are investors looking to purchase a house to rent out to people instead of living in it and passing it down, building generational wealth,”

Bailey says too many inner-city families opt to rent an apartment or home, putting money into a landlord’s pocket and denying themselves a chance to build a financial future for themselves.

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Apartments along Jefferson Avenue.

“My big concern is why would you like to put equity in someone else’s pocket when you can be the homeowner and you can actually be paying less than what you’re paying in rent,” Bailey noted. “We have to start encouraging people to take upon homeownership so …….

Source: https://www.wkbw.com/news/local-news/creating-generational-wealth-in-buffalos-jefferson-avenue-community-with-home-ownership