NAREB President: Homeownership crucial for African American wealth

Dr. Courtney Johnson Rose, NAREB’s president & by Washington Informer Web Staff The president of the National Association of Real Estate Brokers says bolstering Black homeownership is a major component of building African American wealth and closing the expansive racial wealth gap. & NAREB President Courtney Johnson Rose, speaking during an appearance on the podcast “Roll Call’s Equal Time with Mary C. Curtis,” said that the association’s 2023 State of Housing in Black America report shows the 400 wealthiest Americans control the same amount of wealth as all 48 million Blacks living in the U.S. & “Homeownership traditionally has been a cornerstone for wealth building,” Rose said. “When you think about the African American community and the wealth we have, 60% of our wealth is home equity. So, when we look at wealth building for African Americans, owning a home is one of the easiest, most cost-effective ways to build wealth.” & Rose also noted that homeowners tend to be active citizens in the community and belong to a church. Curtis credited NAREB with encouraging public policies and private practices that create opportunities for more people to become homebuyers. Plus, Rose talked about tools such as the Special Purpose Credit...