When it comes to building wealth — generational wealth that gets passed on to your kids’ kids — for Black families, it may all come down to one question:
“What do we do with Big Mama’s House?”
The question, of course, is built on the aspirations of our ancestors, who had the wisdom and commitment to acquire property generations ago. It’s also built on the reality that ancestors die, often leaving property behind, but no plan — and sometimes no will, to clarify who actually is supposed to get what.
But it’s also a question that the Memphis Chapter of the National Association of Real Estate Brokers will tackle head on during National Realtist Week 2024, set for April 7-13. As part of NAREB’s 100-City Wealth Building Tour, the Memphis chapter is hosting a week of activities aimed at increasing black wealth — more specifically, increasing black land ownership.
Themed “Leveraging Community Partnerships,” the week-long series of events aims to illuminate the financial benefits of homeownership. It seeks to instill confidence among Black residents in Memphis that owning a home is not only feasible but also a pivotal step toward building generational wealth.
“What we have found is that there are no millionaires who have been created without having real estate as a part of their portfolio,” said Daryl Lewis, a real estate professional and president of NAREB Memphis. “Especially within the black community, real estate has been one thing that was able to be passed down from generation to generation to create wealth.”
In the landscape of American homeownership, a stark disparity paints a concerning picture—especially within the African American community.
From a peak of 49.1 percent in 2004, Black American homeownership has dipped nationally to 40.6 percent, a figure shadowed by the 73.8 percent homeownership rate among non-Hispanic Whites.
Memphis mirrors this national issue, with a homeownership rate hovering around 34 percent. These numbers, more than just statistics, signify a growing challenge in wealth accumulation and economic security among Black Americans. But Lewis stresses that even in a city like Memphis, people shouldn’t assume home ownership is out of reach.
“Now we are seeing where if someone can afford $1,700 a month in rent,” he said, “they can buy a home for cheaper than that.”
Helping working people increase their financial IQ is the goal of Realtist week, said NAREB’s Lydia Pope.
“NAREB knows by reaching and educating Black Americans about homeownership financial futures can be positively changed,” Pope said. “We also know owning a home represents the most effective means to build wealth now, and for future generations.”
IF YOU GO:
Info Box:
The lineup for Realtist Week is diverse, with activities planned across Memphis to engage the community where they live, work, socialize, and worship. Each event is structured to address the hurdles to homeownership and present actionable solutions. (All events in Memphis; To Register, visit https://nareb-memphis.com) or click the link to the event below.
Sunday, April 7, 2024, 9:30 a.m.
Day of Worship and Prayer. Greater Community Temple C.O.G.I.C., 5151 Winchester Rd.
Monday, April 8, 2024, Noon – 1 p.m.
Membership Onboarding & Mixer: Raleigh Library, 3452 Austin Peay Highway.
Tuesday, April 9, 2024, 11 a.m. – 1 p.m.
WCN: Creating Multiple Streams of Income in Real Estate: Universal Life Building, 480 MLK Blvd.
Wednesday, April 10, 2024, 6-8 p.m.
Political Advocacy Day: Alpha Memphis Education Foundation, Inc., 4122 Barton Drive.
Thursday, April 11, 2024, 6-8 p.m.
YRD: Multiple Ways To Secure The Bag in Real Estate: Inkwell, 631 Madison Avenue.
Friday, April 12, 2024, 8 a.m.
NAREB Memphis Inaugural Golf & Spades: Historic Pine Hill Golf Course, 930 Mallory Avenue.
Saturday, April 13, 2024, 10 a.m. – 3 p.m.
Building Black Wealth Tour: Greater Community Temple C.O.G.I.C., 5151 Winchester Rd.
