Boston home values for Black owners lag behind
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The typical home value of Boston-area homes with Black owners is 18.1% less than homes with white owners, per data Zillow shared with Axios.
The big picture: The Boston statistic is on par with the national average, where the typical value of U.S. homes with Black owners ($291,000) is 18% less than the typical value of homes with white owners ($354,000), per Zillow data.
Why it matters: Homeownership remains the biggest driver of the wealth gap, per the U.S. Department of Housing and Urban Development.
What they're saying: Black owners seeing their homes appraising for less than those of their white counterparts isn't new. "It's no longer a myth or legend that this happens," HUD 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 aimed at addressing both of those hurdles.