BIRMINGHAM, AL — Nearly 1,000 adults and youths attended a Black “Community Wealth Building Day” on Saturday, November 11, sponsored by the National Association of Real Estate Brokers (NAREB). Over the next two years, NAREB will host similar events in more than 80 cities. The events provide classes, workshops, and one-on-one counseling to advise families on homebuying, investing, and careers in real estate.
At the Star Church, attendees participated in one-on-one sessions with Realtists (NAREB members), an attorney, and a NAREB Investment Division (NID) Housing Counseling counselor. There were also sessions on the ABCs of homebuying, educating people on how to properly pass along real estate after deaths in the family, how to use the equity built in their homes and many others.
Birmingham Mayor Randall Woodfin thanked NAREB and Star Church Pastor Dr. Thomas Beavers for hosting the event. Unable to attend, Mayor Woodfin said via video: “I wanted to take a moment to thank the National Association of Real Estate Brokers for continuing your mission of empowering our communities.
Building wealth is all about building opportunities, particularly for Black communities (where) opportunities have so often been denied. “But today, what you’re doing together, in collaboration with Pastor Beavers, is breaking the generational curses and giving our families, our friends, and our neighbors a seat at the table and the opportunity to obtain true prosperity. And so I just wanted to stop by to express my appreciation for your decades of existence and your continued intentional positive impact on not just a community like Birmingham but also urban and rural cores across America that affect Black people. Thank you for doing your part in closing the wealth gap and reminding us that Black homeownership matters.”
Dr. Courtney Johnson Rose, the NAREB president, praised the event, saying it was laying the groundwork for Blacks to make economic progress. “Black families must be on pathways to build family economic security,” said President Rose. “Often, the first step is purchasing a home and building home equity. We came to Birmingham and will travel to cities all over America to educate families and individuals about the many benefits of homeownership and how to buy their first home.
Owning a home is the foundation for financial stability. There is a reason it’s part of the American Dream. We are helping more Blacks make their dreams come true.” Other speakers at the event included Pastor Bevers; Justin Willaims, Local Board President of the Birmingham Realtists; Wiley S. Adams, President-elect of the National Bar Association; Abraham Evans III, President Phi Beta Sigma Fraternity, Inc.; NAREB Celebrity Ambassadors – Ronnie DeVoe and Marvetta Bozeman; and a representative from Wells Fargo, a key sponsor.
“The NAREB Black Wealth Tour events are helping Black families recognize and embark on paths towards gaining wealth,” said Marcus Brown, a NAREB board member from Birmingham. “We urged families to attend so they can learn more about how to position themselves to become homeowners and gain wealth.” One of the biggest housing challenges in Birmingham is the lack of affordable housing options.
The city has a poverty rate of over 30%, leaving many residents struggling to find and maintain safe, decent, and affordable housing. In recent years, living costs have increased while wages have remained stagnant, making it difficult for many low-income families to afford housing. This is particularly challenging for the city’s most vulnerable populations, such as children, seniors, and individuals living with disabilities.
Birmingham has an estimated population of 209,403 people, and 74% are Black. But when it comes to homeownership, Birmingham, the largest city in Alabama, is similar to other urban centers around the country where there is an enormous gap between Black and White homeownership. In Birmingham, 36% of Black families own homes, compared to 72% of Whites.
The racial disparity in homeownership is linked to the historically biased policies and practices that systematically excluded Black families and individuals from homeownership opportunities during the middle of the 20th century. During the Jim Crow era, Blacks were denied access to mortgage loans and redlined neighborhoods, making it nearly impossible for them to purchase homes in desirable areas.
Additionally, discriminatory lending practices such as “steering” and “blockbusting” further hindered Black homeownership. Partnering with the African American Mayors Association and the National Bar Association, the Black Wealth Tour is helping Blacks overcome decades of housing discrimination.
“We can make a difference,” said Dr. Rose. “By arming families with the information they need to make wealth-building decisions, we empower them and their communities to travel paths that will better secure their future.”
For more information on the Black Wealth Tour, go to www.narebblackwealthtour.com.
