Twin Cities homes owned by Black people are typically worth 14% less than those owned by white people, per data Zillow exclusively shared with Axios.
Why it matters: Homeownership remains the biggest driver of the wealth gap, according to the U.S. Department of Housing and Urban Development.
The big picture: The typical value of U.S. homes with Black owners ($291,000) is 18% less than those with white owners ($354,000).
What they’re saying: “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 aim to address that, Joseph says.
What’s happening: Although racial discrimination in the sale, rental and financing of housing was outlawed in 1968 , racism is still deeply embedded in every part of the buying process.
By the numbers: Nearly 17% of Black U.S. mortgage applicants were denied in 2022, compared to 6.7% of white applicants in that same period, per the most recent data from the Consumer Financial Protection Bureau.