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|January 18, 2021|
Home value gap has racial overtones
INLAND EMPIRE (INT) - Homes owned by Black and Latinx households are worth 16.2% and 10.2% less, but the home value gap is narrowing.
Zillow found that while the data show home value inequality continues to persist -- in large part due to the lasting impact of the disproportionate effect of the housing bust -- home values are slowly but steadily converging.
After nearly a decade, the home value gap for Black- and Latinx-owned homes has recovered to pre-housing bubble levels.
Home value differences in the Riverside-San Bernardino-Ontario metro area:
The typical Black-owned home is valued at $407,797, about 1% lower than all homes in the area. Thats the smallest gap in the country.
Latinx-owned homes are valued at $393,359, 4.5% below all homes in the area.
Non-Hispanic white-owned homes and Asian-owned homes are 0.7% and 18.3% above the typical home, respectively.
The typical home value in the Riverside-SB-Ontario metro is $411,728.
Story Date: January 6, 2021