This week in San Diego the National Association of Real Estate Brokers, NAREB, will convene to discuss and explores ways to combat housing discrimination. With rising home prices and mortgage rates, and a scarcity of affordable and workforce housing, buying a home is challenging to millions of aspiring homeowners, but particularly to Black borrowers. These individuals often have lower credit scores and less money to fund a purchase, adding to their home-buying difficulties. “Discriminatory practices have contributed to the lack of intergenerational wealth for Black families,” notes Lydia Pope, president NAREB, a professional organization focused on the needs of minority colleagues, clients and communities.
She cites homeownership being “44.6% for Blacks and 74.2% for Whites, a 29.6% gap,” strongly contributing to Black households having a median net worth of $24,000 compared to $188,000 for White families. “The cycle can only be broken by improving the major driver of Black wealth – intergenerational homeownership that yields prosperity and family economic security.”
To learn more about NAREB, you can reach them at www.nareb.com
