The lagging homeownership rate among Black Americans is the focus of a real estate industry association’s new program.
The National Association of Real Estate Brokers (NAREB) will set a goal of 2 million new Black homeowners in the next 5 years, as it begins its 71st Annual Convention today (July 24).
NAREB says that the Black homeownership rate of 42.2% has increased just tenths of a percentage point from what it was 50 years ago when the Fair Housing Act was introduced.
“Black homeownership is the first, and most essential step to build economic strength within our communities,” said NAREB President Jeffrey Hicks. “We’ve lost more ground than we’ve gained over the past 50 years. Whether through unmeasurable losses of equity during the country’s last economic meltdown, consistently high unemployment rates, unfavorable federal and state policies restricting affordable homeownership, or systemic mortgage lending barriers, Black homeownership - and therefore our wealth-building potential as a people - remain diminished.”
NAREB’s Convention includes the construction of a strategic foundation to elevate Black homeownership and build wealth. Special emphasis is placed on involving the faith-based community in partnership to help grow Black homeownership.
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