By Barnett Wright
The Birmingham Times
The National Association of Real Estate Brokers (NAREB) bring its initial Building Black Wealth Tour to Birmingham, Alabama on November 11 as part of stops in more than 60 cities nationwide.
The events, which include festive activities for youths, will empower Black communities with steps towards homeownership, property investment, starting a business, and other wealth-building opportunities.
NAREB was formed in 1947 to secure equal housing opportunities regardless of race, creed, or color.
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Justin Williams, President of Birmingham Realtors Association (BRA), which is under NAREB, said it is important for Blacks to become homeowners because “the main generator of wealth creation in the United States is homeownership. So when Black people don’t participate [in homeownership] and become a homeowner, they lose the opportunity to use the main source of wealth creation … studies show that a homeowner, has a 40 times greater net worth than renting.”
The BRA is looking forward to hosting the national Black Wealth Summit next month at Miles. NAREB’s president Courtney Johnson-Rose was intentional about hosting the summit in Alabama because of the national organization’s relationship with African American mayors, Williams said.
“All of the cities in the United States that have African American mayors, our organization has a direct relationship with them,” he said. “So our Mayor Randall Woodfin’s initiative around homeownership and affordable housing” was a factor to host the tour.
Working with the African American Mayors Association and the National Bar Association, NAREB will sponsor the events in cities nationwide over the next two years.
The tour kicks off in Houston on Saturday, October 7 and will include classes, workshops, and one-on-one counseling on homebuying, investing, credit, and careers in real estate.
Stops include Birmingham, Charlotte, NC (3/2/24), Mt. Vernon, NY (4/13/24), Little Rock, ARK. 6/8/24), New Orleans, LA (8/3/24), Atlanta, GA (11/9/24), Miramar, FL (3/25), Beverly Hills, MO (6/25) and Los Angeles CA (8/25).
“The time for action on Black Wealth is now,” said Johnson-Rose. “NAREB is urging our Black communities to take the journey towards wealth. Come to our events in your city and learn what you need to purchase a home. We are helping Black families overcome the biased public policies and private practices that created the vast wealth gap in America today.”
Rose noted that the Federal Reserve says, on average, Black families own about 24 cents for every $1 of White family wealth. Homeownership, a critical component of Black wealth, declined for Blacks every quarter since the pandemic, leaving Blacks with the lowest percentage of homeowners in America.
Despite the contributions of the 1968 Fair Housing Act, 55 years later, the racial homeownership gap has widened. In 1960, 38 percent of Blacks owned homes, while White homeownership was 65 percent, a 27-point gap. Today, the gap is nearly 30 percent, the most extensive spread since 1890.
“The Black community has lacked the resources of other communities, and our goal is to end disparities and help Black communities thrive,” Rose added. “The Building Black Wealth Tour will provide critical data, information, and advice to community members. We will ensure that community members know about homeownership opportunities, heirs and estate property, and real estate investing. And cutting-edge tools that can help them take the next step.”
NAREB has advocated for legislation and supported or instigated legal challenges that ensure fair housing, sustainable homeownership, and access to credit for Black Americans.
For more on NAREB visit here
