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.