Black Wealth in PG County (MD) Dashed by the Housing Crisis...

jjs07

jjs07

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This is a long, but GREAT read. This specific article is actually part 2 in a 3 part series (I'll link the others). Anyways, I can't remember the exact thread, but last year, there was a good discussion about why PG County in MD can't really flourish. Some of the points brought up (subprime mortgages, shady lenders, schools, etc.) were all touched on in this article. Cliffnotes won't do it justice, but if you're interested, it's well worth taking time out of your day to read. Sad situations all around. There are people now benefiting from getting sprawling homes at a fraction of the price due to buying off of a short sale/foreclosure, but on the flip, it was sad reading about the downfall of this Fairwood community and it's original residents.

Broken by the bubble: In the Fairwood subdivision, dreams of black wealth were dashed by the housing crisis

Part 1:

A shattered foundation: African Americans who bought homes in Prince George’s have watched their wealth vanish

Part 3:

Swamped by an underwater home: After the housing collapse derails the American Dream, a cloud of uncertainty hangs over the Boateng family

*I'll get to parts 1/3 later on today.
 
and/but look at how moco is
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Do blacks own many of their own businesses in this area or are they just black folks with good jobs?
 
LuckyLuchiano said:
Do blacks own many of their own businesses in this area or are they just black folks with good jobs?
Click to expand...

That's a good question. However, I do think a lot of the businesses are black owned in PG. You have your fair share of chains...but there are some good local places as well.

I don't even think you need a "good" job to live over there. It's DIRT CHEAP in comparison to other areas surrounding DC proper. Honestly, in 2015, I just don't know how someone would see a good return on their house if they chose to buy over there.

There are some MASSIVE houses in PG....homes, that if you put in parts of NoVA would easily go for upwards of 1.5 mil. Those same houses in PG are gonna be sub-400k
 
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What are nice neighborhoods over there, that are accessible to the city?

Friend just bought a 700 sq ft 1BR in Arlington (Ballston) and paid $350K for it, which was list price, and it was built in the 80s!

Property value on this side is just :x
 
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GetYaShinebox said:
What are nice neighborhoods over there, that are accessible to the city?

Friend just bought a 700 sq ft 1BR in Arlington (Ballston) and paid $350K for it, which was list price, and it was built in the 80s!

Property value on this side is just :x
Click to expand...

And that's the reason why I'm saving to move down south.. This area is only good for jobs.. But when it comes to housing the northern va spot is just horrible you are paying 300k plus for a town home and if you want a decent regular house you are looking at nearly 400k to a half of million.. And if you can't afford that or don't want a town home than you gotta move further out for a even worse commute

And renting here is horrible too because every landlord knows people here are making decent money so it's easy for them to charge 1500 a month for a 2 bedroom apartment

Check this out

http://en.m.wikipedia.org/wiki/List_of_highest-income_counties_in_the_United_States

Damn near every expensive county in America is in the DMV.. If only the government didn't choose to place damn near every GS job in DC in such a small area.. They should of spread out a lot of the HQ around the states..
 
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I never knew so many p
JayzOnMyToes said:
And that's the reason why I'm saving to move down south.. This area is only good for jobs.. But when it comes to housing the northern va spot is just horrible you are paying 300k plus for a town home and if you want a decent regular house you are looking at nearly 400k to a half of million..

And renting here is horrible too because every landlord knows people here are making decent money so it's easy for them to charge 1500 a month for a 2 bedroom apartment

Check this out

http://en.m.wikipedia.org/wiki/List_of_highest-income_counties_in_the_United_States
Click to expand...

....I live in Howard County...You cannot get a one bedroom out here for less than 1200 unless its subsidized housing....Landlords assume everyone is making over 70k out here
 
JayzOnMyToes said:
GetYaShinebox said:
What are nice neighborhoods over there, that are accessible to the city?

Friend just bought a 700 sq ft 1BR in Arlington (Ballston) and paid $350K for it, which was list price, and it was built in the 80s!

Property value on this side is just :x
Click to expand...

And that's the reason why I'm saving to move down south.. This area is only good for jobs.. But when it comes to housing the northern va spot is just horrible you are paying 300k plus for a town home and if you want a decent regular house you are looking at nearly 400k to a half of million.. And if you can't afford that or don't want a town home than you gotta move further out for a even worse commute

And renting here is horrible too because every landlord knows people here are making decent money so it's easy for them to charge 1500 a month for a 2 bedroom apartment

Check this out

http://en.m.wikipedia.org/wiki/List_of_highest-income_counties_in_the_United_States

Damn near every expensive county in America is in the DMV.. If only the government didn't choose to place damn near every GS job in DC in such a small area.. They should of spread out a lot of the HQ around the states..
Click to expand...

Whoa....even with not counting Stafford, NoVA is represented with 4 in the top 12 (for median household income). I'm surprised, but I'm not....if that makes sense :lol:
 
LarryEastwood said:
I never knew so many p
....I live in Howard County...You cannot get a one bedroom out here for less than 1200 unless its subsidized housing....Landlords assume everyone is making over 70k out here
Click to expand...

I'm in prince William county and yes it's a nice area.. But 12 most expensive county in America! And you are right for all the people making good money they forget about the people or families who are still early in their career and not making 70k a year..

I'm starting to hate the dmv and starting to miss the south.. I work in DC and just driving up 95 and the traffic and Parking hella expensive in DC $25 to park your car for the day ...

And don't get me started on the expensive bus rides too $6 each way so $12 a day.. And than they just put that expensive behind ez pass lane on 95 charging like $5 per zone can cost almost $20 in tolls to ride that thing by yourself during rush hour smh

End rant lol
 
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PG county is mostly federal and military workers. They make decent money. They aren't making the money that can afford a $300k+ home and all the expenses that come with them.

To summarize the article, in an effort to keep up with the Jones people bought stuff they couldn't afford.

Now folks are in foreclosure and banks are letting them by because they know qualified buyers aren't trying to buy in neighborhoods with declining values.

Pulling the race card was not needed.
 
thenewjs23 said:
PG county is mostly federal and military workers. They make decent money. They aren't making the money that can afford a $300k+ home and all the expenses that come with them.

To summarize the article, in an effort to keep up with the Jones people bought stuff they couldn't afford.

Now folks are in foreclosure and banks are letting them by because they know qualified buyers aren't trying to buy in neighborhoods with declining values.

Pulling the race card was not needed.
Click to expand...

What do you mean by this?

I thought the article brought up some great points...the number of foreclosures in PG County is alarming. Obviously banks targeted uneducated buyers...but those buyers also tried to live beyond their means. It was eye-opening to me.
 
thenewjs23 thenewjs23

But race is a factor here. We know--we have scores of data to prove the fact--that minorities were disproportionately targeted and exploited by means of predatory lending.

Even so, temporarily putting race aside, this underscores a fundamental truth about wealth building: diversification within assets is key.

In simpler terms, don't put all of your eggs in one basket. Unfortunately, blacks and other minorities tend to favor one basket for all their eggs.

The growth in wealth disparity between the 1% (largely white) and everyone else is rooted in the fact that the former group is well diversified in their investment; thus, they can take a hit in the housing market and come out fairly unscathed.

As a people, blacks and other minority groups should amend their approach to wealth building and begin harnessing the power of diversification; of course, here too, there will be challenges and obstacles, but I believe in the long run this approach will prove profitable.






...
 
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JJs07 said:
thenewjs23 said:
PG county is mostly federal and military workers. They make decent money. They aren't making the money that can afford a $300k+ home and all the expenses that come with them.

To summarize the article, in an effort to keep up with the Jones people bought stuff they couldn't afford.

Now folks are in foreclosure and banks are letting them by because they know qualified buyers aren't trying to buy in neighborhoods with declining values.

Pulling the race card was not needed.
Click to expand...

What do you mean by this?

I thought the article brought up some great points...the number of foreclosures in PG County is alarming. Obviously banks targeted uneducated buyers...but those buyers also tried to live beyond their means. It was eye-opening to me.
Click to expand...

They could have said everything they had to say without bringing up race. if this was 2008 I can understand this being eye opening or maybe you were too young then. The whole situation affected many different races.
 
thenewjs23 said:
PG county is mostly federal and military workers. They make decent money. They aren't making the money that can afford a $300k+ home and all the expenses that come with them.


To summarize the article, in an effort to keep up with the Jones people bought stuff they couldn't afford.


Now folks are in foreclosure and banks are letting them by because they know qualified buyers aren't trying to buy in neighborhoods with declining values.


Pulling the race card was not needed.
Click to expand...

Did you even read it? Obviously not.
 
thenewjs23 said:
JJs07 said:
thenewjs23 said:
PG county is mostly federal and military workers. They make decent money. They aren't making the money that can afford a $300k+ home and all the expenses that come with them.

To summarize the article, in an effort to keep up with the Jones people bought stuff they couldn't afford.

Now folks are in foreclosure and banks are letting them by because they know qualified buyers aren't trying to buy in neighborhoods with declining values.

Pulling the race card was not needed.
Click to expand...

What do you mean by this?

I thought the article brought up some great points...the number of foreclosures in PG County is alarming. Obviously banks targeted uneducated buyers...but those buyers also tried to live beyond their means. It was eye-opening to me.
Click to expand...

They could have said everything they had to say without bringing up race. if this was 2008 I can understand this being eye opening or maybe you were too young then. The whole situation affected many different races.
Click to expand...

What's going on in PG County is insane...considering the surrounding areas haven't experienced nearly as much of a drastic change in the housing landscape. Consider the source, too. The Washington Post. Who is their audience?

Race is a MAJOR factor when you look at the demographic of PG county, compared to other areas around the DMV.

I think you should read part 1 and 3.
 
Exactly why I would never live in DC or MD. 40% of my family and I used to love that place but once I got older I realize it not worth living. You can't "live" there unless you pulling at least 90k. MY aunt is living good bc she has 3 business but everybody else is getting by. Give me the south where I can pull 70-85k and live like a king right in the middle of downtown.
 
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I have a lot of cats working down in the DMV. Seems like the only affordable place in the city is Southeast, but from what it sounds like, it's nothing but slums there. Wonder if it'll ever pick up like NW
 
Great article.  PG County was the damn mecca for 'black wealth' for a long time.  With that (as in any area in HOCO, MOCO, NOVA) comes the keeping up with the Jones' mentality.  I've witnessed it first hand.  A lot of people have good jobs with security in the aforementioned areas because of a strong government presence.  But you'll always have people making 100K treating it like it's 1M, regardless of race.  This article just happened to focus on PG, and the demographics speak for themselves.  
 
FlyNY said:
I have a lot of cats working down in the DMV. Seems like the only affordable place in the city is Southeast, but from what it sounds like, it's nothing but slums there. Wonder if it'll ever pick up like NW
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SE being gentrified, bruh.
 
The way my fam talk the county is more dangerous then the city. Who would've thought that 20 years ago.
 
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