Written by Maria Mascola, HUD Certified Foreclosure Specialist at The Waterfront Project
During Black History Month, we honor and celebrate the many generations of Black Americans who have helped shaped our nation and we reflect on the triumphs and challenges they have faced through U.S. history. The work still needs to be done in securing a more equitable future for all, such as unlocking more access to homeownership.
Recent reports highlighted significant housing disparities in New Jersey, where the homeownership gap remains one of the largest in the nation.
As of February 2026, the homeownership rate for White households in New Jersey is 76.6%, nearly doubling the 41.3% rate for Black households. This gap is a primary driver of New Jersey’s staggering racial wealth divide. The median wealth for white families is approximately $662,500, compared to under $20,000 for Black families.
Organizations like the New Jersey Institute for Social Justice link these modern disparities to a “direct line” of systemic policy choices, including racially restrictive covenants and exclusionary credit practices dating back to the state’s founding.
Foreclosure Data as of 2025
In December 2025, New Jersey had the highest of any state in the U.S. where Black and Latino households remain disproportionately vulnerable to foreclosure due to ongoing barriers such as appraisal discrimination and higher lending costs. Atlantic City was noted to have one of the highest foreclosure rates among major metropolitan areas last year.
Many key individuals in the Black community have stepped up to represent, make homeownership possible, and to shed light on these disparities.
Leaders like Senator Britnee Timberlake, who has championed legislation in New Jersey to establish the Community Wealth Preservation Program, which helps residents keep their homes in the face of foreclosure. Senator Shirley Turner who is a primary sponsor of the legislation establishing the Community Wealth Preservation Program. Assemblymember Shanique Speight has served as a primary sponsor of the legislation to protect homeowners from foreclosure. Assemblymember Shavonda Sumter acted as a primary sponsor of the legislation to protect homeowners from foreclosure and Assemblymember Benjie Wimberly who was a primary sponsor of the legislation to protect homeowners from foreclosure.
These efforts are often focused on aiding economically vulnerable and traditionally underserved homeowners with a specific focus on mitigating the impact of the foreclosure crisis on Black communities.
In closing, as a Hud Certified Counseling agency, The Waterfront Project is here to work right beside you to fight for you to keep your home during your time of unforeseen hardships. We can also work with you if you are looking to find out how to purchase your first home. We will help you navigate through the process by creating a realistic budget, refer you to our trusted network of Realtors and Mortgage Brokers, and assist with any red flags on your credit report that may need to be addressed so that you can receive the best rate possible. Contact us today to make your way home!
In the words of the Great Martin Luther King Jr. ,
“It may be true that the law cannot change the heart, but it can restrain the heartless”.
“Now is the time to make real promises of democracy. Now is the time to open the doors of opportunity to all of God’s children”.
