Columbus' Black homeowners face major obstacles
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The gap between Black and white homeowners in Columbus has grown over the past decade, Brianna Crane reports from Zillow data shared with Axios.
Why it matters: Homeownership remains the biggest driver of the broader wealth gap, per the U.S. Department of Housing and Urban Development.
- Decades ago, discriminatory practices such as redlining exacerbated homeownership inequities in Central Ohio that are still evident today.
By the numbers: White residents' homeownership rate is nearly double Black residents' in Columbus.
- Nearly 33% of Black people own homes, a decrease of 1.4% since 2012 — compared with the nearly 69% of white people who own homes, an increase of 1.3%.
Zoom out: The gap between white and Black homeownership in 2019 in the U.S. was actually larger than in the '60s, before the Fair Housing Act, a Community Capital Management report notes.
What's more: The disparity is seen in property appraisals as well.
- The typical value of Columbus-area homes with Black owners is almost 21% less than homes with white owners.
- The value gap has notably widened over the past decade.
The big picture: Nationally, 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).
What they're saying: Black owners seeing their homes appraised for less than those of their white counterparts isn't new.
- 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.
- "It's no longer a myth or legend that this happens," HUD chief of staff Julienne Joseph tells Axios.
What's happening: In 2022, the Biden administration announced the Action Plan to Advance Property Appraisal and Valuation Equity (PAVE) task force to fight appraisal bias.
- In June 2023, PAVE announced requirements for financial institutions to adopt non-discrimination quality control standards and ensure appraisal algorithms are not racially biased.
Meanwhile, local initiatives are also working to address homeownership inequities, including a $1 million fund launched earlier this month to provide up to $15,000 grants for first-time buyers.