Black Women Leading the Charge in Homeownership

Property is Power!

Black Women Leading the Charge in Homeownership

In the quest for economic empowerment and generational wealth, Black women are boldly leading the way in homeownership,significantly outpacing Black men and other demographics in recent years.

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According to the 2024 Snapshot of Race  in America by the National Association of Realtors, single female homebuyers are most prevalent among Black women, making up an impressive 27% of all Black homebuyers. By comparison, single women represent 24% of Asian homebuyers, 17% of white buyers, and only 7% of Hispanic buyers.

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Digging deeper into recent data, a 2023 Realtor.com analysis highlighted the growing trend even further: between October 2017 and September 2018, Black women constituted 32.4% of Black homebuyers a figure that rose to 35.4% between October 2020 and September 2021. The momentum is undeniable; from October 2018 to January 2020, the number of Black female homebuyers grew at an average annual rate of 7.3%, more than double the growth rate of 3.4% among Black men during the same timeframe.

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Yet, despite their remarkable strides, Black women face numerous systemic hurdles. Arlita Harvey, a seasoned realtor with Alite Realty, sheds light on this stark reality: "There are instances where Black women are successfully buying homes, but it doesn't mean the path is easy or free from unnecessary barriers created by societal challenges that simply shouldn't exist."

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Historically, Black women have been foundational pillars in their communities, providing stability, raising families, and significantly contributing to societal growth. Their commitment to homeownership underscores their understanding of the transformative power property holds not just for themselves but for future generations. We must recognize and honor this determination by actively working to reduce the barriers that complicate their path to homeownership.

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The truth is clear: Black women are driving community growth, improving educational opportunities, and nurturing the next generation. It is imperative that access to homeownership becomes easier and more attainable for them. Often, buying is more affordable than renting making homeownership not only desirable but economically wise.

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Property is power, and when Black women thrive, entire communities flourish. Let’s continue to advocate for policies and practices that support and simplify the journey toward homeownership for Black women. After all, when we lift barriers, we empower not only individual buyers but also the broader community they sustain and enrich.

Dr. Anthony O. Kellum – CEO of Kellum Mortgage, LLC

Homeownership Advocate, Speaker, Author

NMLS #1267030 NMLS #1567030

O: 313-263-6388 W: www.KelluMortgage.com.

Property is Power! is a movement to promote home and community ownership. Studies indicate homeownership leads to higher graduation rates, family wealth, and community involvement

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