When he became president of NAREB a year ago, Donnell Williams found that Black millennials with incomes over $100,000 are not purchasing homes. Here’s what he did to shift their perspective on homeownership.
Despite expectations that Black homeownership would fare poorly during the pandemic, the Black rate increased by three full percentage points in the second quarter, more than either the white or the national rate.
Many factors contributed to the surge. One is a new initiative launched last October by the National Association of Real Estate Brokers (NAREB) to change how many younger African Americans view homeownership.
The program is called the “House Then The Car” (HTTC), and it targets the 1.7 million American millennials and Generation Xers who make over $100,000 a year and are homebuyer-ready but still rent.
High debt-to-income ratios
Buying an expensive car on a moderate income before buying a house can raise a first-time