The city of Chicago is hosting an all-day event Wednesday to help equip first time and underserved homebuyers with the tools they need to buy in a market mired with obstacles.
The event is the latest push by the city to help spur homeownership and generational wealth, as many longtime families are increasingly being pushed out of neighborhoods due to gentrification and rising home prices.
Hosted in Austin by City Treasurer Melissa Conyears-Ervin, the event, called “The Home Stretch — Your Financial Jumpstart to Owning a Home,” will be held at BUILD’s offices at 5100 W. Harrison St. from 9 a.m. to 3 p.m.
It’s the first time Conyears-Ervin’s office has hosted this event, but there are plans to hold more in order to help address the housing crisis faced by thousands of Chicagoans.
The median home price in Chicago has climbed by about 20% over the last five years, according to Conyears-Ervin.
The Chicago Association of Realtors reported last month that Chicago’s median sales price in June was $400,000, a 5.8% year-over-year increase. In May, the median sales price was $390,000.
“The purpose for me is really to address the housing crisis that we see in our city and our neighborhoods,” Conyears-Ervin said. “This is a very, very important time for us to be able to tap into helping residents of Chicago.”
With rents reaching “record highs,” Conyears-Ervin said it’s important for the city to connect with residents and help them get on a path to homeownership, as it can often be the fastest path to creating long-term generational wealth.
The event will connect attendees with certified housing counselors, mortgage readiness tools and lending partners. Those who attend can earn a certificate to take to banks for down payment assistance, or get a free credit score check from TransUnion, among other services.
Conyears-Ervin said having the necessary funds and credit score are often the biggest obstacles to homeownership.
“Many people do not know how to increase their credit score. They don’t even know how to begin,” she said. “People really want help and to be able to have all of these resources under one roof is a major effect. We’re looking for people to walk away with what they need to be able to purchase their own home.”
Conyears-Ervin said the event also recognizes how low-income and other marginalized groups are being hit hardest by the housing crisis. Only 40% of Black households in Chicago own homes, while 77% of white households own a home, according to the treasurer’s office.
In Chicago, the median net worth of Black households is $0, compared with $210,000 for a white family.
“We want people to know that [homeownership] is within their reach,” Conyears-Ervin said. “This is something that they can have access to, and everyone deserves housing.”