The newly installed president of the National Association of Real Estate Brokers (NAREB) is on a mission to increase Black wealth through homeownership.
In his inaugural speech at the association’s convention in Atlantic City earlier this month, Donnell T. Williams said that he would have a special focus on millennials.
Black homeownership rates (40.6% according to the US Census Bureau’s Q2 2019 data) lag those of the non-Hispanic White population (73.1%) and is at its lowest rate in more than 50 years.
Mr Williams said that bold, energetic, and effective action is required to address the slippage in Black wealth.
“Homeownership and investment in real estate represent the tools Black Americans in general, and millennials in particular can use to build or rebuild their wealth,” he said. My plan to reverse the downward slide is to reach the 1.7 million mortgage-ready Black millennials who make over $100,000 but have delayed or not considered homeownership as part of their wealth building strategy," Williams stated.
House then a car
Among several initiatives that the new president spoke of, was a soon-to-launch campaign to focus the priorities of Black Millennials and Gen-Xers towards homeownership and its wealth-building potential.
"Our people need to know that you're in violation if you drive a Land Rover and you pay rent to a landlord,” he said, to applause from the Convention audience.
Further details of the initiative are at housethenacar.com
Williams has been in the real estate industry since 1992 and established his Destiny Realty brokerage in 2001, which now has two offices in New Jersey and is one of the largest Black American, independently owned real estate brokerages in the state.
He says that NAREB members as well as their customers need to raise their game.
"We must Educate, Empower, and Mobilize ourselves as well as the Black American public. Wealth building through homeownership is indeed possible and we need to make that happen,” he said.
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