Devan Southerland knows she wants to purchase a home in Baltimore City. She is cautious, though, after hearing about how predatory lenders disproportionately targeted minority homebuyers a decade ago. "I just want to be smart about it," Southerland says. "Because I know a lot of black people suffered during the whole housing crisis and whole subprime lending issue that happened a few years ago."
In the historic Baltimore neighborhood of Bolton Hill, Southerland and her 10-year-old son, Liam, tour the tree-lined streets and dream about one day purchasing a home in this culturally diverse enclave. Average home prices in the neighborhood, known for its 19th century architecture, go for about $380,000.
Southerland is 39 years old and she is juggling a lot. As a legal assistant, she makes about $25,000 a year. She saves what she can but is also working on a master's degree in human services and has student loans.