The National Association of Real Estate Brokers (NAREB) enthusiastically welcomes the continued upward trend of the Black homeownership rate as issued by the U.S. Census Bureau in its second quarter 2020 report. The 47 percent rate represents the fourth consecutive quarter, one year in totality, of increases in Black homeownership. While there may cause for celebration, we are mindful that the current Black homeownership rate has not reached this number since first quarter of 2000 when reported by the U.S. Census Bureau at 47.4 percent and reached an all-time high of 49.7 percent in second quarter 2004.
This current upward trend indicates to NAREB that concerted efforts to address and remove systemic barriers to Black homeownership, intentional and targeted programmatic initiatives, along with focused promotion of the wealth building benefits of homeownership appear to be shifting the tide. I assure Black American prospective homebuyers that NAREB will continue to aggressively pursue our advocacy efforts nationally and be available to assist Black Americans considering homeownership.
We are painfully aware, however, of the disparate health and financial effects that the COVID-19 pandemic has inflicted on Black Americans and other vulnerable populations. Life, as we all knew it, is difficult to navigate now, and into the foreseeable future. At the same time, the dreams, and the plans for homeownership among Black Americans appear not to be squelched. NAREB Realtists and our real estate affiliates, using every possible safety precaution, stand unified as guardians of our communities, ready to provide the guidance and accurate information to Black Americans working to achieve their dream of homeownership and a pathway to boost economic futures.