A recent study by Rice University found that people in Houston, about 2 out of every 3 are having a difficult time funding their basic needs such as food, gas, and housing expenses. This is called financial insecurity, meaning that people do not feel like they have enough money to live comfortably. For Black people the problem is even worse due to historical inequalities. Studies show that 20% of Black people consider their financial situation “poor”, the average value of assets for Black households is around $140,000 which falls far behind white households whose average is a little over $950,000.
According to Rice, home, car, and debt expenses are the main reasons Houston residents are unable to save money. Unfortunately, for many owning a home is a tough goal to reach because of previous unfair practices like redlining and discriminatory lending practices. Redlining is when banks refused to give loans to people in certain neighborhoods based on the race of people living there. It is called redlining because the areas that were denied car loans were marked red on maps. Discriminatory lending practices are when banks and other lenders treated people unfairly because of their race. Sometimes including higher interest rates or not offering loans at all, even if the person is qualified. Even after some Black people bought homes, the interest rate was too high for them to build their savings. Cars can also be another financial strain, because similar to owning a home Black people are also given higher interest rates also making it harder to save.
The rising cost of living in Houston also adds to the struggle, gentrification in some historic neighborhoods have pushed many families out of their homes causing them to pay much higher rent or mortgages elsewhere. Annual incomes also does not keep up with inflation, the Black population is overpopulated in the retail and food service industries, these jobs usually pay minimum wage, which is $7.25 per hour in Houston, this often causes workers to be unable to make ends meet. Without enough money to save or invest, financial insecurity becomes a repeating cycle that is hard to invest.
The economy also plays a major role in financial insecurity, Houston’s economy thrives on the oil, healthcare, and technology industries, which can provide high-paying jobs for some but for Black people they are unfortunaley left out. Many Black people do not have access to these opportunities due to a lack of quality education. The economy is also unpredictable, things like COVID-19 shows how quickly people’s homes, jobs, and savings can be lost. Fortunately, for the Black community there are ways to change their financial insecurity status, it starts with education and resources. Financial literacy programs and books can teach families how to budget, save, and invest even with limited income. Financial insecurity is a major issue for Black families in Houston, but learning about money and its value can significantly change a lot of people’s reality. The past has created many obstacles but there is still hope in the future with the right tools and resources.
Search our archive of past issues Receive our Latest Updates
October 16, 2023, HOUSTON, TX – Congressional Candidate Amanda Edwards has raised over $1 million in less than 4 months, a substantial sum that helps bolster the frontrunner status of the former At-Large Houston City Council Member in her bid for U.S. Congress. Edwards raised over $433,000 in Q3 of 2023. This strong Q3 report expands on a successful Q2 where Edwards announced just 11 days after declaring her candidacy that she had raised over $600,000. With over $829,000 in cash-on-hand at the end of the September 30th financial reporting period, Edwards proves again that she is the clear frontrunner in the race. “I am beyond grateful for the strong outpouring of support that will help me to win this race and serve the incredible people of the 18th Congressional District,” said Edwards. “We are at a critical juncture in our nation’s trajectory, and we need to send servant leaders to Congress who can deliver the results the community deserves. The strong support from our supporters will help us to cultivate an 18th Congressional District where everyone in it can thrive.” Edwards said. “Amanda understands the challenges that the hard-working folks of the 18th Congressional District face because she has never lost sight of who she is or where she comes from; she was born and raised right here in the 18th Congressional District of Houston,” said Kathryn McNiel, spokesperson for Edwards’ campaign. Edwards has been endorsed by Higher Heights PAC, Collective PAC, Krimson PAC, and the Brady PAC. She has also been supported by Beto O’Rourke, among many others. About Amanda: Amanda is a native Houstonian, attorney and former At-Large Houston City Council Member. Amanda is a graduate of Eisenhower High School in Aldine ISD. Edwards earned a B.A. from Emory University and a J.D. from Harvard Law School. Edwards practiced law at Vinson & Elkins LLP and Bracewell LLP before entering public service. Edwards is a life-long member of St. Monica Catholic Church in Acres Homes. For more information, please visit www.edwardsforhouston.com
As September 13th rolls around, we extend our warmest birthday wishes to the creative powerhouse, Tyler Perry, a man whose indomitable spirit and groundbreaking work have left an indelible mark on the world of entertainment. With his multifaceted talents as an actor, playwright, screenwriter, producer, and director, Tyler Perry has not only entertained but also inspired audiences worldwide, particularly within the African-American community, where his influence and role have been nothing short of powerful. Born in New Orleans, Louisiana, in 1969, Tyler Perry’s journey to stardom was a path riddled with adversity. Raised in a turbulent household, he found refuge in writing, using it as a therapeutic outlet. This period of introspection gave rise to one of his most iconic creations, Madea, a vivacious, no-nonsense grandmother who would later become a beloved figure in Perry’s works, offering a unique blend of humor and profound life lessons. Despite facing numerous challenges, including rejection and financial struggles, Perry’s determination and unwavering belief in his abilities propelled him forward. In 1992, he staged his first play, “I Know I’ve Been Changed,” which, although met with limited success, was a pivotal moment in his career. Unfazed by initial setbacks, Perry continued to hone his craft, and by 1998, he had successfully produced a string of stage plays that showcased his storytelling prowess.
Calling all teenage student-athletes! If you have dreams of playing college soccer and wish to represent an HBCU, the HBCU ID Camp is your golden opportunity. From 8 am to 5 pm on November 11-12, Houston Sports Park will transform into a hub for aspiring male and female soccer players. Coaches from HBCUs across the nation will be present to evaluate, scout, and offer valuable feedback. Moreover, they might even spot the next soccer prodigy to join their collegiate soccer programs. This camp is not just about honing your soccer skills but also a chance to connect with the HBCU soccer community. You’ll learn the ins and outs of what it takes to excel on the field and in the classroom, which is crucial for a college athlete. The HBCU ID Camp is an excellent platform to network with coaches, learn from experienced athletes, and take the first steps toward your college soccer journey. To secure your spot at this incredible event, don’t forget to register [here](insert registration link). Space is limited to 120 participants, so make sure to reserve your place before it’s too late. It’s time to turn your dreams of playing college soccer into a reality.
