Black homeowners start to close gap in property values

[marmar]

Black homeowners’ property values are on the rise across the country, with some of the biggest upswings in Midwestern and Southern states. The boon to Black homeowners, after decades of lagging property values, could help them close a racial wealth gap that has kept the American dream out of reach.

Home values increased on average 84% in majority-Black ZIP codes between 2016 and 2023, outpacing growth in white ZIP codes, where values grew 69%, according to a Stateline analysis of federal housing and census data.

...(snip)...

In Detroit alone, rising home prices in Black neighborhoods have created almost $3 billion in new wealth for Black homeowners, according to a University of Michigan study released in April. That study focused on 2014 to 2022, the decade after the city’s bankruptcy. The Stateline analysis suggests the turnaround extends far beyond Detroit, across the Midwest and South.

The Stateline analysis identified 92 majority-Black ZIP codes nationally, including nine in Detroit and six in Cleveland, where home values have increased since 2016 after losing value earlier in the 2000s. There were 22 such ZIP codes in Georgia, 21 in Michigan, 17 in Ohio and 13 in Illinois, with others in Alabama, Connecticut, Florida, Indiana, Kentucky, Missouri, North Carolina, Tennessee and Wisconsin. .................(more)

https://michiganadvance.com/2024/05/15/black-homeowners-start-to-close-gap-in-property-values/