If we were sitting down over a cup of coffee and you asked me why I started Velney Realty, I could give you the traditional real estate answer. I could talk about buying houses, selling properties, negotiating offers, finding investment properties and helping people navigate the Massachusetts real estate market.

But that would only tell you part of the story.

My name is Josué Velney, and I am the Broker of Record of Velney Realty, a Black-owned real estate brokerage in Massachusetts headquartered in Somerville. We work with buyers, sellers and real estate investors throughout Somerville, Boston, the North Shore and surrounding Greater Boston communities.

I’ve been involved in real estate since 2010, and over the years my experience has expanded across brokerage, real estate investment, development, construction and property ownership. Seeing the industry from these different angles has shaped the way I think about real estate.

And there is one part of this business that I am especially passionate about:

Black homeownership and generational wealth.

For me, helping someone buy a house is not necessarily the finish line.

Sometimes, it is the starting line.

My bigger question is: How do we help more Black families become homeowners, stay homeowners, build equity and eventually pass those assets and knowledge to the next generation?

That conversation is a major part of what I want Velney Realty to represent.

Table of Contents

1. Why I Believe Black Homeownership Matters
2. Understanding Greater Boston’s Famous “$8” Wealth Statistic
3. Homeownership Is About More Than Having a Place to Live
4. From Affordable Housing to Homeownership
5. Keeping the Home Matters Just as Much as Buying It
6. Real Estate and Your Children’s Education
7. Real Estate Can Help Create Future Entrepreneurs
8. Why Multifamily Homes Can Be Powerful
9. My Personal Connection to Generational Wealth
10. Why Work With Velney Realty?
11. Serving Somerville, Boston and the North Shore
12. Frequently Asked Questions

Why I Believe Black Homeownership Matters

When we talk about the racial wealth gap in America, we have to talk about real estate.

For generations, homeownership has been one of the primary ways American families have accumulated wealth. A homeowner makes mortgage payments, potentially reduces the debt owed on the property, and may benefit if the property’s value increases over time.

That equity can eventually become an asset that passes from one generation to another.

But Black families historically have not had equal access to that opportunity.

And history matters because wealth compounds across generations.

Think about it this way.

If one generation owns a home and builds equity, the next generation may not have to start from zero. Parents may eventually have resources that could help their children with a down payment, education, an emergency or even startup capital for a business.

That is why my goal at Velney Realty is not simply increasing the number of Black families who purchase homes.

I want to help provide people with the real estate education necessary to become homeowners and remain homeowners.

Buying the house is important.

Keeping the house may be even more important.

Understanding Greater Boston’s Famous “$8” Wealth Statistic

If you live around Boston, you may have heard an incredible statistic over the years: the median net worth of U.S.-born Black households in one Greater Boston study was only $8.

Yes, eight dollars.

The statistic came from the Color of Wealth in Boston research and received national attention. WBUR later took a closer look at the famous $8 figure, including what the study measured and some of the limitations around interpreting that number.

That context is important because the $8 figure should not be interpreted as meaning every Black household in Boston has an $8 net worth.

But the larger issue the research highlighted is very real.

There is an enormous racial wealth gap.

More recent national research from the Federal Reserve’s Survey of Consumer Finances continues to demonstrate that divide. In 2022, median wealth was approximately $44,900 for Black families compared with $285,000 for white families.

That’s a tremendous difference.

And this is where I think we need to understand the difference between income and wealth.

You can have a good job and a good salary without having substantial net worth.

Income is what comes in.

Wealth is what you’ve been able to build and retain.

So instead of only asking:

How much money do you make?

I believe we also need to start asking:

What do you own?

What are you building?

What will you eventually be able to pass down?

Research from the Brookings Institution provides another important piece of this conversation. Brookings reported that net housing equity was the largest contributor to Black wealth accumulation between 2019 and 2022.

To me, that’s incredibly important.

It doesn’t mean buying a house automatically creates wealth. It doesn’t mean real estate values always increase. And it certainly doesn’t mean homeownership alone can solve the racial wealth gap.

But it reinforces something I see firsthand as a real estate owner and Black real estate broker in Massachusetts:

Ownership can matter tremendously over time.

Homeownership Is About More Than Having a Place to Live

One reason I am so passionate about homeownership is because a house can serve several purposes during a family’s lifetime.

First and foremost, it is your home.

But there is also an important difference between renting and owning.

When you rent, you are paying your landlord for the right to live in their property. Over time, rent may increase subject to your lease and applicable laws.

When you own the property, you are the landlord.

Of course, that doesn’t mean housing suddenly becomes free.

You still have a mortgage. You may have property taxes, insurance, utilities, repairs and maintenance. Sometimes the roof leaks. Sometimes the boiler decides it no longer wants to cooperate in the middle of a Massachusetts winter.

I don’t want anyone walking away from a conversation with Velney Realty thinking homeownership is automatically easy.

It isn’t.

But there is a major difference.

You own the asset.

And over time, that ownership can potentially create equity and financial options that renting does not provide.

Affordable Housing Should Be a Stepping Stone Toward Homeownership

This is something I find myself thinking about constantly.

How do we help more Black families move from affordable housing into homeownership?

Affordable housing serves an incredibly important purpose. Families need safe, stable and reasonably priced places to live.

But for families who want to own a home and have the ability to work toward that goal, I would love to see us create stronger pathways from affordable housing into ownership.

In my mind, affordable housing should have the opportunity to become a stepping stone.

Imagine a family living in affordable housing while simultaneously receiving education about credit, budgeting, mortgage programs, down-payment assistance, property maintenance and the process of purchasing a first home.

Maybe that transition takes two years.

Maybe it takes five.

Maybe it takes ten.

Everyone’s situation is different.

But the conversation needs to happen.

As a Somerville real estate broker, I want families to understand that buying a home isn’t something you begin thinking about three weeks before calling a real estate agent.

Sometimes the preparation starts years earlier.

Learn More About Buying a Home With Velney Realty

Understanding where you stand today is how you start creating a plan for where you want to be tomorrow.

Keeping the Home Matters Just as Much as Buying It

This is where my background becomes a little different from that of a traditional real estate broker.

I’m also involved in construction, development and property ownership.

That means when I walk through a property, I’m not only thinking about the offer.

I’m looking at the building.

How old is the roof?

What condition is the heating system in?

What repairs might be coming?

What will it cost to maintain this property?

Could this house become a financial burden instead of an asset?

Those questions matter.

I don’t want to help someone buy a property they cannot realistically maintain.

If our objective is generational wealth through real estate, education cannot stop at the closing table.

Homeowners need to understand emergency reserves, preventive maintenance, insurance, renovations, property taxes and long-term capital expenses.

Because buying the house is only part of the equation.

The bigger goal is:

How do we put you in a position to own this property responsibly for decades and potentially pass it to your children?

Real Estate Could Become Part of Your Children’s Education Plan

College costs are something many parents worry about long before their children start filling out applications.

Real estate can potentially become one piece of a family’s long-term financial planning.

Imagine purchasing a property today and owning it for the next 15, 20 or 25 years.

During that time, you may reduce your mortgage balance and potentially build equity.

When your child reaches college age, your family may be in a completely different financial position than it was when you originally purchased the property.

I’m not suggesting everyone should borrow against their house to pay college tuition.

That is an individual financial decision that should be discussed with qualified financial and tax professionals.

My point is much simpler:

Owning assets can give your family options.

And having options is powerful.

Real Estate Can Help Create the Next Generation of Black Entrepreneurs

The same principle applies to entrepreneurship.

This part is personal to me because I am a Black business owner myself.

Starting and growing a business requires more than a good idea.

It requires capital.

Access to startup and growth capital remains a major challenge for many small businesses, including Black-owned businesses.

Now imagine two young entrepreneurs.

Both are smart.

Both work hard.

Both have great business ideas.

One needs $50,000 to launch the business but comes from a family with very few assets.

The other comes from a family that has spent the previous 25 years building real estate equity.

Those entrepreneurs may have the same talent, but they aren’t necessarily starting from the same position.

Maybe the second entrepreneur’s parents can provide assistance.

Maybe the family owns an income-producing property.

Maybe the child eventually inherits real estate.

The specific solution will be different for every family.

But this is what I mean when I talk about generational wealth.

It isn’t necessarily about making your children rich.

It is about making sure the next generation doesn’t always have to start back at zero.

Why Multifamily Homeownership Can Be Powerful

If you’ve spent any time around Somerville, Boston or communities north of Boston, you know how common multifamily properties are.

We have two-family homes, three-family homes and the classic New England triple-decker.

For the right buyer, an owner-occupied multifamily property can create an interesting path into both homeownership and real estate investing.

You purchase the property.

You live in one unit.

Someone else lives in another.

Now instead of paying rent to a landlord, you are the landlord collecting rent.

That rental income may help offset a portion of the mortgage and property expenses.

You’re also learning how real estate actually works.

You’re learning about leases.

Maintenance.

Tenants.

Operating expenses.

Capital improvements.

Rental income.

And long-term property management.

Eventually, that first multifamily property may become an investment property when you move into your next home.

That’s how portfolios can begin.

And when you’re ready to take the next step, the strategy changes because you may no longer have access to the same first-time homebuyer programs you used on your original purchase.

Read Our Guide to Buying Your Second or Third Investment Property

This is one reason I enjoy working with buyers interested in both Massachusetts real estate and long-term investing.

I’m not only asking where you want to live today.

I’m asking:

Where could this purchase put your family 10, 20 or 30 years from now?

My Personal Connection to Generational Wealth

This isn’t something I only talk about because I’m a real estate broker.

I live it.

I am a Black business owner and real estate owner.

I started investing in real estate in 2010. Over the years, my career expanded into brokerage, construction, development and property management.

Real estate changed how I think about money.

It changed how I think about ownership.

But most importantly, it changed how I think about what we leave behind.

I have a daughter.

My plan is to one day pass my real estate down to her.

But here’s the important part:

I don’t only want to give her real estate. I want to give her the knowledge to understand what she’s receiving.

Today, I am already educating her about the importance of homeownership.

I want her to understand why we own property, how property needs to be maintained, why debt needs to be managed responsibly, how rental income works and why selling an asset isn’t always the first answer.

Because passing down a building without passing down the knowledge to manage that building doesn’t accomplish the entire goal.

That’s why education is at the heart of what I want Velney Realty to become known for.

Why Work With a Black-Owned Real Estate Company in Massachusetts?

People may specifically search for a Black-owned real estate company in Massachusetts for many different reasons.

Some want to intentionally support Black-owned businesses.

Others want a broker who understands why homeownership and building generational wealth may carry a deeper meaning for their family.

At Velney Realty, my experience goes beyond the real estate transaction.

I bring experience in brokerage, real estate investment, construction, development and property ownership.

That changes the questions I ask when we’re looking at a property.

If we’re walking through a multifamily home in Somerville, I’m not only thinking:

Can I get your offer accepted?

I’m thinking:

What condition is the property in?

What could future renovations cost?

What is the rental potential?

What expenses should you anticipate?

Could this property work as a long-term investment?

How does this purchase fit into your larger real estate strategy?

Those are conversations I enjoy having.

Sometimes they even happen over coffee.

Serving Somerville, Boston and the North Shore

Velney Realty is a Massachusetts real estate brokerage headquartered in Somerville and serving buyers, sellers and investors throughout Somerville, Boston, the North Shore and Greater Boston.

Somerville will always be particularly important to me.

I grew up here.

I went to Somerville High School.

I purchased my first home here.

I started building my real estate experience here.

And I built businesses here.

Explore Somerville Real Estate With Velney Realty

When someone searches for a Black real estate broker in Somerville, a Black-owned real estate brokerage in Boston, a Black real estate agent in Massachusetts or a Black-owned real estate brokerage serving the North Shore, I want them to find Velney Realty and understand what makes our approach different.

Yes, we’re here to help you buy or sell real estate.

But I also want to help you understand what you’re buying.

And more importantly:

What could that property mean for your family’s future?

Homeownership Is the Beginning, Not the End

If we were actually having this conversation over coffee, this is probably where I would finish.

I don’t believe buying a house by itself solves the racial wealth gap.

The issue is much more complicated than that.

Research continues to show significant differences in homeownership and household wealth between Black and white Americans. Brookings has also pointed to housing equity as an important contributor to recent Black wealth gains while showing that substantial disparities remain.

So this isn’t about pretending real estate is some magic solution.

It’s about recognizing that ownership matters.

Education matters.

Equity matters.

Keeping assets in the family matters.

And passing knowledge from one generation to another matters.

For Velney Realty, success isn’t simply helping another Black family get the keys to a house.

I want to see that family keep the house.

I want to see them build equity.

I want to see their children understand what their parents built.

And maybe 20 or 30 years from now, those children use that foundation to purchase another property, pay for an education, start a business or create opportunities for their own children.

That’s how one purchase can potentially affect more than one generation.

That’s generational wealth.

And that’s one of the reasons I am proud to be building a Black-owned real estate brokerage in Massachusetts right here in Somerville.

Frequently Asked Questions

Is Velney Realty a Black-owned real estate brokerage?

Yes. Velney Realty is a Black-owned real estate brokerage in Massachusetts led by me, Josué Velney. Our brokerage is headquartered in Somerville and works with buyers, sellers and real estate investors throughout Greater Boston.

Does Velney Realty serve Boston?

Yes. We work with clients throughout Somerville, Boston and Greater Boston. Our experience includes residential properties, multifamily real estate, investment properties and commercial real estate.

Does Velney Realty serve the North Shore of Boston?

Yes. Velney Realty works with clients looking for opportunities north of Boston. If you’re searching for a Black-owned real estate brokerage on the North Shore of Massachusetts, we’d be happy to have a conversation about your goals and where you’re looking to buy or sell.

Does Velney Realty work with first-time homebuyers?

Yes. We believe education is especially important for first-time buyers. Buying your first home isn’t just about finding a property. We want you to understand financing, property condition, long-term ownership costs, maintenance and how the purchase fits into your larger financial goals.

Can Velney Realty help me buy a multifamily home?

Yes. Multifamily real estate is an important part of our experience. For some buyers, purchasing an owner-occupied two-family or three-family property can provide both a primary residence and an introduction to real estate investing.

Can owning real estate build generational wealth?

Real estate can be one tool for building long-term wealth. Homeowners may accumulate equity by reducing their mortgage balance and through potential appreciation in property value. However, real estate has costs and risks, and appreciation is never guaranteed.

Our philosophy is that responsible ownership, education and long-term planning are just as important as purchasing the property.

Why is Black homeownership important?

Homeownership has historically been an important source of household wealth in America, while Black families have faced significant barriers to homeownership and wealth accumulation.

Increasing access to sustainable homeownership is part of the conversation, but we believe retaining those homes, building equity and transferring knowledge and assets to the next generation is equally important.

How do I start working with Velney Realty?

It starts with a conversation.

Tell us where you are today and where you’re trying to go.

Whether you’re considering your first home, an owner-occupied multifamily property, your next investment property or selling an existing property, our goal is to help you understand your options and develop a real estate strategy that makes sense for you.

Velney Realty
Somerville, Massachusetts

Serving Somerville, Boston, the North Shore and Greater Boston.

This article is intended for educational purposes. Real estate, lending, tax and financial decisions should be evaluated based on your individual circumstances with the appropriate licensed professionals.