Workshop Encourages Black Millennials to Build Wealth Through Homeownership on Nov. 5

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Marie Sturgell, local Realtist. Photo courtesy of NAREB web site.

The Associated Real Property Brokers the local chapter of the National Association of Real Estate Brokers (NAREB), the country’s oldest, minority real estate trade association is hosting a free event Equity Now 2019: Building Black Millennial Wealth | Closing the Racial Gap on Tues. Nov. 5, 2019, from 6:00-9:00 p.m. at Impact Hub in Oakland.

This event is part of a National Campaign to urge Black millennials to purchase the house then the car and is grounded in NAREB’s intent to increase the economic futures of Black Americans, by Building Black Wealth through Homeownership.

This event is designed to reach local Black millennials, especially those plagued with student loan debt. It will address various topics including: ‘’Buying vs. Renting and ‘Knowing Your Net Worth/Asset Accumulation.’

“We must continue to be the beacon of light promoting the REALTIST Creed of Democracy in Housing and educating Blacks on the value of bridging the wealth gap through homeownership,” said Marie Sturgell, local chapter president.

Homeownership for Black Americans has been on a steady decline since 2004 when it had reached its peak of nearly 50%.  As of the second quarter ending 2019 as reported by the U.S. Census Bureau, the Black homeownership rate hovered nationally at 40.6% compared to the non-Hispanic White homeownership rate of just above 72.7%.

“Our desire is to raise awareness that Black homeownership not only strengthens the economic fabric of our city, but also increases the desirability of Oakland’s many neighborhoods,” Sturgell said.

(A Realtist is a member of the National Association of Real Estate Brokers, an organization that brings together minority real estate professionals, including real estate agents, appraisers, developers, mortgage brokers and loan officers.)

Formed in 1947, NAREB’s founding motto of Democracy in Housing continues to serve as its purpose and focus.

NAREB’s 2 Million New Black Homeowners in 5 Years (2Mn5) program was initiated to reverse the wealth drain among Black Americans.

While the country continues to experience economic recovery that same recovery has bypassed most Black Americans.

NAREB’s approach to increasing Black Wealth incorporates financial education, homeownership preparation and counseling, outreach to the faith-based community along with expanding Black consumer’s knowledge base about the importance of advocating for public policies that support and increase affordable and sustainable homeownership.   

For more detailed information about the association visit www.arpboaklandrealtist.com.

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