The typical home value of Charlotte-area homes with Black owners is 18.2% less than homes with white owners, per data Zillow 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.
Zoom in: The typical value of Charlotte homes with Black owners is $312.6K, while the typical value for homes with white owners is $382K.
- This mirrors a national trend, per Zillow data exclusively shared with Axios.
- Nationally, the typical value of U.S. homes with Black owners ($291K) is 18% less than the typical value of homes with white owners ($354K).
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 workforce is majority white, and it’s often difficult to report appraisal discrimination, though new policies are aimed at addressing both of those hurdles.