Racial gaps persist in Seattle-area home values
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Homes owned by white people continue to be worth substantially more than those owned by Black people in the Seattle area, according to new data from Zillow.
Why it matters: Homeownership remains the biggest driver of the wealth gap, per the U.S. Department of Housing and Urban Development.
By the numbers: In the Seattle metro area, the typical value of homes with Black owners in December was $583,700.
- That's 16.7% less than the typical value of local homes with white owners, which was $700,900.
The big picture: Nationwide, there was an 18% gap between the typical value of homes owned by Black people ($291,000) versus white people ($354,000).
- This gap was widest in Birmingham, Alabama, where Black-owned homes were typically valued 46% lower; and in Detroit, where they were 45.4% lower.
Of note: McAllen, Texas, was the only metro where the typical value of homes with Black owners was higher than those with white owners.
What they're saying: Black owners seeing their homes being appraised 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 are aimed at addressing both of those hurdles, Joseph says.