2024 Building Black Wealth Day

About Building Black Wealth Day

The National Association of Real Estate Brokers (NAREB) is collaborating with the Church Of God In Christ, Inc.  (COGIC) and other partners to host National Building Black Wealth Day on April 13.  In more than 100 cities, seminars and one-on-one sessions will empower communities with steps towards homeownership, property investment, starting a business, and other wealth-building opportunities.  An internet feed will make virtual sessions and online conversations accessible to a national audience.

Across the country, local wealth-building events will coincide with COGIC’s Presiding Bishop’s 100-City Community Impact Day. The Church Of God In Christ, a Christian organization in the Holiness-Pentecostal tradition, is the largest Pentecostal denomination in the United States.  Other NAREB partners include the African American Mayors Association, the National Bar Association, and Delta Sigma Theta Sorority.

“We are thrilled to coordinate with our partners,” said Dr. Courtney Johnson Rose, NAREB’s President.  “It is critical that African Americans and other communities of color have pathways to building wealth.  The immense racial wealth gap is a fundamental cause of inequities in American society. NAREB’s Building Black Wealth Day is one component of our Building Black Wealth Tour, which helps families and individuals create family economic security through becoming homeowners and other wealth-building tools.”

Further, COGIC Presiding Bishop J. Drew Sheard said, “The Church Of God In Christ is thrilled by the opportunity to collaborate with NAREB on the 100 City Community Impact Day. This partnership embodies the spirit of unity and service that defines our church. Together, we will open our doors, hearts, and minds to provide essential resources, including facilities, prayer tents, and mental health support, to uplift and empower our communities. Through our collective efforts, we will sow the seeds of hope, healing, and transformation, leaving an indelible mark on the lives of those we serve.”

Calling the nation’s wealth gap “intolerable,” Dr. Rose noted that NAREB’s 2023 State of Housing in Black America Report (SHIBA) found that the 400 wealthiest Americans control the same amount of wealth as all 48 million Blacks living in the United States.  The Federal Reserve acknowledges that, on average, Black families own about 24 cents for every $1 of White family wealth.  And Brookings, the widely respected think-tank, says Whites have a median family wealth of $171,000, compared to $17,600 for Blacks.

Homeownership is the primary driver of Black wealth. The SHIBA report noted that Black homeownership was at 45%, nearly 30% lower than White households, with a wider gap than 50 years ago.  The disparity significantly impacts the accumulation of wealth within the Black community. When Black homeownership stagnates or drops, wealth is affected. Thus, the most effective path toward building wealth is increasing Black homeownership. Lower homeownership rates leave Black families with fewer wealth-building opportunities.

NAREB’S National Building Black Wealth Day can make a difference by arming families with the information they need to make wealth-building decisions. Sponsors include Wells Fargo & Company and Fannie Mae.  Among the opportunities/Workshops are:

• What to do with Big Momma’s House?
• ABCs of Homebuying
• Real Estate Investing
• Down Payment Assistance
• Explore Careers in Real Estate
• Free Career Fair
• Free Health Screenings
• One On Ones with Real Estate Attorneys
• One On Ones with Housing Counselors

“Closing the wealth gap will require systemic changes and policies that address the underlying causes of this disparity while providing fair opportunities for all individuals regardless of race or ethnicity,” Dr. Rose said. “But families and individuals can make decisions that lead to wealth building.  More than two million Blacks can qualify for home loans but are not homeowners.  These are the people we want to reach.  We want these people to tune in on NAREB’s National Building Black Wealth Day.”