WASHINGTON – African American women have emerged as leaders in Black homebuying, according to a report released last week by the National Association of Real Estate Brokers (NAREB).
The 2023 Women Investing in Real Estate (W.I.R.E) report found that between 1990 and 2019, Black women increased homeownership by 5.6%.
Black women ages 45-54 and over 75 had a 2.9% increase during the pandemic, the largest among Black homeowners. In early 2020, when the pandemic onset slowed homebuying, Black women fared better than men.
“With the rise of Black women buying homes, there is hope for the future,” exclaimed Courtney Johnson Rose, NAREB president.
“Black women are breaking down barriers in several areas, and homeownership is another example of the resilience and strength of Black women working to secure a financial foundation for themselves and their families and contributing to closing the racial wealth gap.
“By owning a home, Black women create paths toward long-term financial stability and a legacy for their families. Homeownership among Black women is economic empowerment and serves as a catalyst for broader community development.”
Rose noted that Black homeownership leads to investment in properties and leads to increased neighborhood revitalization. This impacts local economies and fosters community pride.
“This upward trajectory of Black female homeownership embodies the resilience and determination to overcome historical challenges and pave the way for social and economic progress,” said Rose.
The report outlined the data demonstrating Black women’s growing status and strength in the American economy.
According to recent data, businesses owned by Black women grew by 50% between 2014 and 2019, with Black women accounting for 42% of all women who opened new businesses during that period. In 2021, 17% of Black women were in the process of starting a new business. – 7% more than white women and 2% more than white men.
Black women comprise 6.3% of the nation’s population, 52% of the African American population, and 12.5% of all women. In addition, 63.4% of African American women over 16 are active in the labor force, and 89.3% of Black women have graduated high school or its equivalent.
“Despite these efforts, considerable work remains to be done to eliminate barriers to entry and advancement for underrepresented groups,” said Rose.
“Ongoing mentorship programs and targeted educational resources are critical for equipping individuals with the knowledge and skills necessary to succeed. “
NAREB will host a pre-conference one-day event for Black women in real estate and finance as part of their annual convention on July 31, 2024, in New Orleans, LA.
The organization was founded in 1947 to secure equal housing opportunities regardless of race, creed, or color. It advocates for legislation and supports or files legal challenges that ensure fair housing, sustainable homeownership, and access to credit for Black Americans.
In October 2023, NAREB announced a partnership with the Department of Housing and Urban Development and Secretary Marcia Fudge. Its goal is addressing appraisal bias and discrimination in the housing market.
During 2024, training sessions are scheduled throughout the country that include online counseling training, roundtable discussions on bias and discrimination, distribution of educational materials, and appraisal-related training.
NAREB’s will also sponsor a Building Black Wealth Tour, with discussions on increasing understanding of appraisal bias in specific geographic areas, collaborate on efforts to combat appraisal bias, and share best practices for housing counselors.
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