Feb 15, 2024 - News

Exclusive: Typical home values by race, mapped

Difference in the typical value of homes owned by Black and white people, by metro area
Data: Zillow; Map: Erin Davis/Axios Visuals

The typical home value of Charlotte-area homes with Black owners is 18.2% less than homes with white owners, per data Zillow shared with Axios.

Why it matters: Homeownership remains the biggest driver of the wealth gap, per the U.S. Department of Housing and Urban Development.

Zoom in: The typical value of Charlotte homes with Black owners is $312.6K, while the typical value for homes with white owners is $382K.

  • This mirrors a national trend, per Zillow data exclusively shared with Axios.
  • Nationally, the typical value of U.S. homes with Black owners ($291K) is 18% less than the typical value of homes with white owners ($354K).

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.

The big picture: Several factors, like redlining and urban renewal, have contributed to disparities between white and Black families in Charlotte. And we're still seeing ripple effects today.

  • The homeownership rate among white households in Mecklenburg County is 68%, compared to 43% for Black households, Axios' Alexis Clinton reported.
  • A 2022 Zillow analysis of Housing and Mortgage Disclosure Act data found that Black homebuyers in North Carolina were twice as likely to be denied mortgages as white homebuyers, Axios' Michael Graff wrote.
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