African American women have emerged as trailblazers in Black homebuying, collectively making significant strides in education, employment, and entrepreneurship.
By The Washington Informer and Stacy M. Brown
A report released on Feb. 17 by the National Association of Real Estate Brokers (NAREB) revealed that African American women have emerged as trailblazers in Black homebuying, collectively making significant strides in education, employment, and entrepreneurship.
The NAREB’s 2023 Women Investing in Real Estate (WIRE) report revealed a 5.6% increase in homeownership among Black women between 1990 and 2019. During the pandemic, Black women aged 45–54 and those over 75 experienced the most significant growth, with a 2.9% increase. Even in the initial stages of the pandemic, when homebuying slowed, Black women outperformed their male counterparts.
“With the rise of Black women buying homes, there is hope for the future. Homeownership is a testament to the resilience and strength of Black women, contributing to closing the racial wealth gap and creating paths toward long-term financial stability and a legacy for their families,” Dr. Courtney Johnson Rose, president of NAREB, expressed in a news release.
“The upward trajectory of Black female homeownership embodies the resilience and determination to overcome historical challenges and pave the way for social and economic progress,” Dr. Rose added.
Further highlighting the positive trend, the WIRE report shows Black female homebuyers rebounding faster and consistently outpacing their male counterparts during the economic recovery from the pandemic. The data underscores Black women’s growing status and strength in American society.
“In entrepreneurship, Black women have made remarkable strides, with businesses owned by Black women growing by 50% between 2014 and 2019.”
NAREB plans to celebrate the accomplishments of Black women during its 2024 MidWinter Conference in Charlotte, North Carolina, from Feb. 28 to March 2. On March 1, Dr. Rose, Charlotte Mayor Vi Lyles, and Wells Fargo EVP Georgette Dixon will participate in “A Fireside Chat with Women of Impact” at the Marriott Charlotte City Center.
“I’m looking forward to sharing my story, the triumphs and challenges, as well as hearing from my esteemed colleagues as we go on to discuss what’s next for women leaders and entrepreneurs,” Dixon said. “Wells Fargo is excited to be a leader in this space of supporting women’s empowerment with a variety of programming through organizations like NAREB and the Women’s Business Enterprise National Council (WBENC).”
The WIRE report documents the economic gains that have laid the foundation for Black women’s success, representing women of the nation’s population, 52% of the nation’s American population, and 12.5% of all women. Furthermore, statistics reveal that 63.4% of African American women over 16 are active in the labor force, with 89.3% having graduated high school or its equivalent.
In entrepreneurship, Black women have made remarkable strides, with businesses owned by Black women growing by 50% between 2014 and 2019. In 2021, 17% of Black women were starting a new business, surpassing white women and men.
The real estate industry is also witnessing a positive trend toward diversity, with an increasing number of Black women carving a niche for themselves. Dr. Rose emphasized the ongoing need for mentorship programs and targeted educational resources to eliminate barriers for underrepresented groups.
In response to the WIRE report, NAREB will also host a one-day event for Black women in real estate and finance as part of their annual convention on July 3, in New Orleans, Louisiana, continuing their commitment to fostering inclusivity and empowerment in the industry.
This post was originally published in The Washington Informer and also posted in Word in Black.
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