Speakers at the National Association of Real Estate Brokers (NAREB) recent Black Wealth Summit at Clark Atlanta University in Atlanta said that even though Black homebuyers face systemic racism and economic factors such as high interest rates, the journey toward homeownership and generational wealth is worth pursuing.
The summit took place as the 2024 State of Housing in Black America report reported the African American homeownership rate is 45.7% in 2023 as opposed to 74.3% of white households, and a significant drop from its peak of 49% in 2004.
“We are working really hard to make sure that we’re continuing to reduce barriers to credit and expand access to credit,” said Acting HUD Secretary Adrianne Todman, noting that the work done to “sustain generational wealth” will continue. “We have helped three million American families become first-time homebuyers. When you think about the context of what’s happening in our home ownership ecosystem, (then) you know that was hard fought.”
Dr. Courtney Johnson Rose serves as the NAREB. She said the Black Wealth Summit is part of the national Black Wealth Tour designed to educate African Americans about homeownership and its role in building financial legacies.
“The Black Wealth Tour is a crucial initiative that is helping us overcome the barriers to homeownership,” said Rose. “We strategically engage with our communities, and our partners, including the Black church, Greeks, lawyers, and mayors, are all instrumental in this effort. We are teaching our members and scaling our members that are in development to help turn the blight in our communities into positive home ownership.”
Thanks for educating the poc communities.
Would like to get an article done in final expense life insurance for the Black community and also as a career.