Market / Economy

A new study shows anti-Black racism is costing American homeowners hundreds of thousands of dollars

Posted On: May 11, 2021   |   Posted By: Business Insider

A new study shows anti-Black racism is costing American homeowners hundreds of thousands of dollars

Summary List Placement Anti-Black racism in the housing market is hurting homeowners across the US.
Real estate company Clever collected data on home values across the US , looking at patterns across predominantly Black and white neighborhoods. The data shows that homes in majority Black neighborhoods are being massively undervalued, which has ripple effects across the larger US economy.
Clever's data shows that, with each 1% increase in the proportion of Black residents in a zip code, home values decrease by approximately $2,581.
The racial wealth gap in America is huge - and is apparent in all sorts of financial data, from income to net worth to home equity. The study, conducted using data from Realtor.com and Zillow.com along with 2019 Census Bureau data, showed a massive disparity between the ability of Black and white Americans to buy homes, and see the values of their homes increase.
Black Americans pay more for homes, and Black neighborhoods are consistently undervalued
Despite anti-discrimination...

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