Exclusive: Typical home values by race, mapped
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The typical home value of Raleigh-area homes with Black owners is 15.5% less than homes with white owners.
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), 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 appraiser work-force 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, including redlining and urban renewal decades ago, exacerbated homeownership inequities in the Triangle that are evident today.
- Despite increasing during the pandemic, the Black homeownership rate in the Raleigh metro was about 29% less than white households in 2021, according to Zillow data released last year.
- 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.