Feb 27, 2024 - News
Black-owned homes in Phoenix are valued 14% less
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The typical value of metro Phoenix homes with Black owners ($401,960) is 14% less than the typical value of those with white owners ($468,614), per Zillow data exclusively 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.
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 majority of the appraiser workforce is white, and it's often difficult to report appraisal discrimination, though new policies aim to address both of those hurdles, Joseph says.
The big picture: The nationwide value gap is even higher than Phoenix's, at about 18%.
- McAllen, Texas, is the only metro where the typical value of homes with Black owners is higher than that of homes with white owners.