Black-owned homes value 18% less than homes owned by white people, study

Homes owned by White people in the country are typically valued at $354,000, while Black-owned houses are valued 18% less at $291,000 in the US, shows Zillow data shared with Axios.

The disparity is most evident in cities like Birmingham, Detroit, St. Louis, Bridgeport and Buffalo—underscoring the impact of homeownership on the wealth gap, as noted by the Department of Housing and Urban Development (HUD).

Julienne Joseph, Chief of HUD, acknowledges the longstanding problem of appraisals undervaluing Black-owned homes, attributing it to a predominantly White appraiser workforce and challenges in reporting discrimination. She insists efforts are underway to address them.

Interestingly, homes with African-American ownership in McAllen, Texas, are valued higher than those owned by White individuals.