With significant gains in education, employment, and entrepreneurs, African American women emerged as leaders in Black home buying, according to a report released this week by the National Association of Real Estate Brokers (NAREB).
NAREB’S 2023 Women Investing in Real Estate (W.I.R.E) report found that between 1990 and 2019, Black women increased homeownership by 5.6 percent. Moreover, Black women ages 45-54 and over 75 had a 2.9 percent increase during the pandemic, the largest among Black homeowners. In early 2020, when the pandemic onset slowed home buying, Black women fared better than men.
“Black women are breaking down barriers in several areas, and homeownership is another example of the resilience and strength of Black women working to secure a financial foundation for themselves and their families and contributing to closing the racial wealth gap,” NAREB President Courtney Johnson Rose, Ph.D., declared. “By owning a home, Black women create paths toward long-term financial stability and a legacy for their families. Homeownership among Black women is economic empowerment and serves as a catalyst for broader community development.”
Since its formation in 1947, NAREB has advocated for legislation and supported or instigated legal challenges that ensure fair housing, sustainable homeownership, and access to credit for Black Americans. Simultaneously, NAREB advocates for and promotes access to business opportunities for Black real estate professionals in each real estate discipline.
Rose added: “As homeowners invest in their properties, neighborhood revitalization often follows, impacting local economies and fostering community pride. This upward trajectory of Black female homeownership embodies the resilience and determination to overcome historical challenges and pave the way for social and economic progress.”
Black women are also making tremendous strides as entrepreneurs, according to recent data. For example, businesses owned by Black women grew by 50 percent between 2014 and 2019, with Black Women accounting for 42 percent of all women who opened new businesses during that period. In 2021, 17 percent of Black women were in the process of starting a new business, 7 percent more than white women and 2 percent more than white men.
Other data show Black women are 6.3 percent of the nation’s population, 52 percent of the African American population, and 12.5 percent of all women. Further, 63.4 percent of African American women over 16 are active in the labor force, and 89.3 percent of Black women have graduated from high school or its equivalent.
The real estate industry is also witnessing a positive trend concerning diversity. Black women, in particular, have made strides in the field, with NAREB and others providing support and networking opportunities to encourage further representation.
“Despite these efforts, considerable work remains to be done to eliminate barriers to entry and advancement for underrepresented groups,” said Rose. “Ongoing mentorship programs and targeted educational resources are critical for equipping individuals with the knowledge and skills necessary to succeed.”
NAREB announced it will host a pre-conference one-day event for Black women in real estate and finance as part of their annual convention on July 31 in New Orleans.
