As diversity and inclusion efforts face increasing backlash and the racial wealth gap continues to grow, the National Association of Real Estate Brokers has launched its national Affordable Homeownership Bus Tour to help close the homeownership gap within Black communities.
Philadelphia hosted the inaugural event on April 25 at the historic Mt. Airy Church of God in Christ, bringing together community leaders, housing experts, lenders, and real estate professionals to provide practical homeownership resources and affordability solutions. The event marked the first stop of the eight-city tour aimed at helping more families achieve long-term homeownership.
The tour will make stops in Philadelphia, Baltimore, Detroit, Gary, Kansas City, Memphis, Little Rock, and Tulsa — cities with large Black populations representing part of the more than 2 million Black Americans nationwide who may qualify for mortgages but have yet to become homeowners.
“We are excited to kick off the NAREB Affordable Housing Bus Tour in Philadelphia,” said NAREB President Ashley Thomas III. “We want to make a difference in the lives of people in Philadelphia and throughout the bus trip by providing them with data and information that helps them transition from renters to homeowners. Owning a home is the best investment that any family or individual can make. It’s an investment in the future of your family and your community.”
Philadelphia Mayor Cherelle Parker joined Thomas and Arica Bryan-Miller, President of the Philadelphia Metropolitan Board of Realtist to support the initiative during the Philadelphia launch event. Additional speakers included several NAREB executives who stressed the importance of community-based solutions to address long-standing barriers to Black homeownership, while emphasizing that owning property remains one of the strongest paths to building generational wealth in America.
“Despite all the financial crises that we’ve gone through, dating back to the S&L crisis or the foreclosure crisis in 2008, there has never been a five-year period where homes did not increase in value over the previous five years,” Thomas said. “We want the Black community to take advantage of opportunities to build wealth through homeownership. Other communities take advantage of it. Why do you think homeownership is at 75% for white households? Black families must also build generational wealth.”
In Philadelphia, where Black residents make up nearly 40% of the population but account for just 28% of mortgage approvals in 2024, organizers said the tour addresses long-standing barriers to homeownership, including higher mortgage denial rates, limited generational wealth, lower credit scores, and debt challenges. The event offered free one-on-one guidance from lawyers, housing counselors, and real estate professionals, along with workshops focused on the financial benefits of owning versus renting and how programs like Section 8 can help families transition into homeownership.
The event also featured sessions on heirs’ property rights, helping families learn how to protect inherited homes from legal disputes and property loss. Attendees also received financial literacy and credit-building advice through workshops focused on turning rent payments into long-term wealth through homeownership.
The tour is powered by a major coalition led by the National Association of Real Estate Brokers and the African American Mayors Association, alongside housing agencies, banks, local officials, faith groups, and civil rights organizations. Support also comes from groups like the NAACP, Urban League, and several historically Black Greek organizations. Major corporate sponsors, including Airbnb, Bank of America, KeyBank, U.S. Bank, and Wells Fargo, are also helping fund the initiative and expand its reach nationwide.
“We’re so proud to support our AMMA Business Council members and the National Association of Real Estate Brokers as we launch an eight-city affordability bus tour, bringing critical economic empowerment, housing, education, and wealth-building resources directly into communities led by our member mayors,” said Phyllis Dickerson, Chief Executive Officer of the African American Mayors Association. “This partnership reflects our shared commitment to expanding access, creating opportunity, and strengthening pathways to homeownership.”
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