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.
“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 Program that will underwrite a loan when there is a higher debt-to-income ratio for buying a home. Studies have shown that minorities have higher debt-to-income ratios than whites.
Rose also invited Curtis to attend NAREB’s Building Black Wealth Community Day which will take place in Charlotte on Saturday. The community day is part of the organization’s national tour culminating in NAREB’s National Wealth Building Day on April 13.
About Post Author
