2016 Median Household Net Worth

Chicagoland Metro Homeownership Comparison

There is an enormous disparity between the wealth of Black and white Americans. According to the 2016 Survey of Consumer Finances, the median white household has a net worth of $171,000, 10 times the net worth of the median Black household, $17,100.

In Chicagoland Metro, 44% of black families own homes compared to 73% of white families.  In Woodlawn, only 24% of the predominantly black community own their homes, while 76% rent.  

Black Household Net Worth

White Household Net Worth

$17,100

$171,000

Black Family Homeownership

Woodlawn Homeownership

White Family Homeownership

44%

73%

24%

Woodlawn Renters

76%

In Fall of 2021, Sunshine launched a new program to address these disparities within our Woodlawn community. The Housing Equity Initiative focuses on 3 areas of emphasis- retention, ownership, and revitalization aimed at supporting our neighbors in building assets for their families and investment in their community.

Retention

For families that own their homes but owe back taxes, Sunshine is able to help pay the back taxes in order to bring them current and not face losing their home.  In November of 2021, we were able to assist 12 families with paying their property taxes that were in arrears from 2018.  We are continuing this effort in 2022.

Ownership

Working with community partners, we offer mortgage and financial literacy building classes that flow into a down payment assistance program for individuals and families throughout Woodlawn who seek to own a home in our community and build their generational wealth.

Revitalization

There are currently many vacant properties in the Woodlawn community. Even though home prices remain inflated, the community still has a number of boarded up homes and land that sits empty.  Through our efforts to rehabilitate existing homes as well as build truly affordable housing on current land, we are investing in the long-term viability of the neighborhood.

KIMBERLY SALLEY

Executive Director, Sunshine Gospel Ministries