MEMPHIS, Tenn — Saturday, a Memphis church hosted a discussion and workshop with local real estate professionals on the importance of homeownership in the African American community.
The Memphis chapter of the Women's Council of the National Association of Real Estate Brokers hosted the event and stressed the link between homeownership and creating generational wealth.
“I am currently renting but that has never been the goal,” said Memphis resident Marilyn Smith, “The goal has always been to be a homeowner in Memphis and I have met with some challenges.”
That’s the situation many Memphians find themselves in and it’s the situation members of NAREB are working to fix.
“When something negative happens in the market for homeowners, African American people tend to feel that more so than anyone else,” said Kaye Thompson, president of the Memphis chapter of the Women's Council of NAREB.
Thompson said that in the last few years, the country has seen fewer African Americans become homeowners. She said that’s certainly the case in Memphis, where outside investors have bought up plenty of properties.
“They are creating these expensive rents and astronomical prices for homes that are not the best quality,” Thompson said.
To help close the homeownership gap, NAREB held the event at Up From the World Ministries church to connect Memphians with professionals who could help with homebuyer education and financial literacy.
“The opportunity to speak with lenders to learn about the different types of loan products out there and the different programs that exist for people with credit challenges,” Thompson explained.
Smith said she has tried getting a loan to buy a house before.
“I was told I had not worked long enough in this community to own a home and I was turned down several times for the same thing,” she said.
But after talking with real estate experts and members of NAREB, she says she feels empowered to finally take the next step.
“I’m looking forward to owning a home again,” Smith said.
Up From the World Ministries church, which is new to the Memphis area, is also looking to purchase local homes that they will renovate and help make available for members of Memphis’s African American community looking to buy a house.
Leadership with Memphis NAREB say they want to take this event to more communities around the Bluff City.