Stop The Appraisal Cap: Why Black And Latinx Homes Are Undervalued By More Than 10%

Homeownership still remains the primary driver of household wealth, but in majority-Black neighborhoods these residences are worth 23% less, or an average of $48,000 per home, than comparable homes with very few or no Black residents due to low appraisals. Primary residences are the largest asset among households across all age groups, except for the 55-64 year old demographic. However, such an investment is merely four stale walls and a roof, if one cannot act upon that investment because of a low appraisal value. Wachu’ mean Rich? Ok, let me break it down.

Appraisal Apogee: Why Black And Latinx Homes Are Undervalued By More Than 10%

By Richard Johnson About 15.4% of single-family properties in majority-Latino census tracts and 12.5% of homes in majority-Black areas appraised lower than their contracted price With every 1% increase in the proportion of the Black population for a particular zip code, there is an estimated decrease in home values of $2,581 Homeownership still remains the