Typical home values by race, mapped
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The typical value of Atlanta-area homes with Black owners is 18% less than homes with white owners, Axios' Brianna Crane reports using data from Zillow.
Why it matters: Homeownership remains the biggest driver of the wealth gap.
What they're saying: Black owners seeing their homes appraising for less than their white counterparts isn't new.
- "It's no longer a myth or legend that this happens," U.S. Department of Housing & Urban Development chief of staff Julienne Joseph tells Axios.
- The appraiser workforce is majority white, and it's often difficult to report appraisal discrimination, though new policies are designed to address both of those hurdles.
Zoom out: Atlanta's gap mirrors the national trend, where the typical value of U.S. homes with Black owners ($291,000) is also 18% less than that of white owners ($354,000).
Of note: The disparities come amid data released last year by Zillow that shows Black homeownership increased by 5% during the COVID pandemic, Axios' Emma Hurt previously reported.
- Homes owned by Black Atlantans also appreciated faster than white-owned homes during the pandemic.
Yes, but: Nicole Bachaud, a senior economist at Zillow, previously told Axios that likely reflects that Black home values are lower than average, and lower-priced homes have been in high demand.