Black homeowners in Indy still face major obstacles
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The gap between Black and white homeowners in Indiana has grown over the past decade, Axios' Brianna Crane reports from Zillow data 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.
- Decades ago, discriminatory practices such as redlining exacerbated homeownership inequities that are still evident today.
By the numbers: The homeownership rate for white Hoosiers is nearly double that for Black Hoosiers.
- Nearly 39% of Black people own homes, an increase of just 0.7% since 2012 — compared with the nearly 76% of white people who own homes, an increase of 1.8%.
- In Indianapolis, nearly 75% of White residents own homes, compared to 41% of Black residents.
Zoom out: The gap between white and Black homeownership in 2021 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 Indy-area homes with Black owners is 9.4% less than homes with white owners.
- Statewide, the value gap is nearly double that.
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 appraising 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.
The latest: State Rep. Cherrish Pryor (D-Indianapolis) filed legislation this session to ban biases in home appraisals, inspired by the experience of an Indianapolis woman who saw her appraised home value double after having a white friend pose as the homeowner.
- The bill died without a hearing.