Angel
I also am from the area and have seen the same types of things. Blacks in the area seem to have an affinity for expensive cars, but home ownership and living in decent housing seems secondary. I think the answer lies in the psychological effects of slavery. During slavery and the Jim Crow era, blacks were not allowed (either through law, discrimination or financial constraints) to own homes, thus we set our sights on things that were realistically attainable at the time. Clothing, shoes, jewelery and cars were things that became our status symbols. This is the same reason many blacks dress to the nines to go to church (church was one of the few activities that black families were allowed to manage and participate in during slavery), whereas many traditionally white congregations(Catholic churches, for example) place less value on your dress during the service.
Blacks have suffered psychologically in many ways from slavery, and you are just witnessing one of the ways it has affected and continues to affect many of the values passed from generation to generation in black culture.