The homeownership rate for African Americans is now lower than the national homeownership rate was during the 1930s, as the United States was in the throes of the Great Depression.
That is one of many findings reported by four authors for the National Association of Real Estate Brokers, in a 2016 report called the State of Housing in Black America.
That same report found homeownership for non-Hispanic white people stood at 68.5 percent in 2014. In comparison, the rate was 41.2 percent among Black people.
The reason for these statistics, according to the NAREB, is that Black Americans have long had unequal access to mainstream mortgage credit – a finding that the organization blasted in a Sept. 20 release, while signaling a “clarion call” for change to lawmakers, regulators, government agencies and lenders.
“The continued institutional denial of equal access to mortgage credit is the single-most detrimental factor obstructing wealth building among Black Americans,” said Ron Cooper, president of the National Association of Black Real Estate Brokers.
Black Americans, simply put, have been “locked out,” he said.
In the report, the authors argued that the vast majority of African Americans who attempted to buy homes in the U.S. were either trapped in predatory mortgage schemes, or denied access to home loans altogether.
HOME OWNERSHIP ADVOCACY
To service our target market, we ensure that training and educational opportunities are available to our entire membership across the the many disciplines we represent ,providing certification and special designations in many areas of interest. Our ability to professionally service our client base is the foundation by which we operate.
NAREB was founded in 1947 , making it the oldest minority association in America. It was formed out of a need to secure the right to equal housing opportunities regardless of race, creed or color. Since its inception, we have participated in various meaningful challenges and legislative improvements to establish fair housing for all.
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