Brokers Group Promoting Homeownership Among African-Americans
Black Americans have the lowest homeownership rate of any ethnic group at 41.9 percent, according to a census report issued in January. That’s down from 49.1 percent in 2004, before the financial crisis. The homeownership rate for non-Hispanic whites is 74 percent.
“The main thing is that black homeownership does matter,’’ says Ron Cooper, a Los Angeles real estate broker, and president of the National Association of Real Estate Brokers (NAREB). You can’t tell by its name, but NAREB is a historically black organization founded 69 years ago to promote equal access to housing.
NAREB has launched a five-year campaign to increase the number of African-Americans who own homes nationwide by 2 million. “We lost quite a bit of equity wealth. We need to rebuild it,’’ Cooper told The Commercial Appeal, a Memphis-based publication. “The message is that the pursuit of homeownership of black Americans is still a noble pursuit. The American dream is within our reach; we just got to reach for it,” says Cooper.