Categories: Articles, Columnists, Rev. Dr. Charles Butler,
Can anyone afford to buy a home in Harlem? The new message being sent throughout the community is that renting is better than owning. More luxury high-rise apartment
buildings are starting to fill the Harlem landscape. The monthly rents are somewhere between $4500 and $6000 per month! Harlem has transitioned from one of the city’s most unattractive crime and drug-infested eye sores into a beautiful, vibrant, multi-ethnic, and family-oriented community. This transition is now pushing into the community of middle and upper-income individuals and families. This transition has been wonderful to witness. On the one hand, this influx of new wealthier residents into Harlem has also changed our census tract designation from a low to moderate community to a middle and upper community. This census tract change is another indication that long-time community residents are being forced to move out of their own neighborhoods. Many community residents are now finding themselves on the outside looking in. They cannot compete with higher-income prospective buyers looking to move into the community. The market purchase price of many renovated and newly constructed homes coming on the market exceeds what they can afford.
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. So, the question we must consider today is, who can afford to live in Harlem? It does appear that Harlem, like most of New York, has become a place with a style and flair, making it one of the most unique communities in the city. Simply put, Harlem has become gentrified.
This is indeed most unfortunate, quite discouraging, and remains the greatest challenge confronting most prospective first-time home buyers. But have faith; all is not lost.
Homeownership can still become a reality. It is important to understand not every unit in Harlem costs a million dollars, but nothing is cheap. You must get in where you fit in!
However, this transformation has also become suitable for 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 opportunities to prepare more nutritious meals than we could have previously provided for our families. You must have the desire, dedication, and willingness to make tough, disciplined changes in your lifestyle to buy. Start today. Register for a home buyer education workshop sponsored by Harlem Congregations For Community Improvement, Inc. (HCCI). Create a monthly household budget. Eliminate all unnecessary spending. Establish a monthly savings goal and stick to it. Pay off your credit debt, 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.
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