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Racially-based appraisal bias is a well-documented and pervasive issue that has long contributed to the widening wealth gap for Black families. Much of it has been driven by “historical racialized appraisals that influence contemporary values and appraisers’ racialized assumptions about neighborhoods to drive appraisal method,” according to a study published in the journal Social Problems.
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The study found that from 1980 to 2015, homes in White neighborhoods appreciated almost $200,000 more than comparable homes in similar communities of color.
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A different study by the Brookings Institution in 2018 found that in the average U.S. metropolitan area, “homes in neighborhoods where the share of the population is 50 percent Black are valued at roughly half the price as homes in neighborhoods with no Black residents,” and that there is a level of “implicit bias” in an individuals’ perception of members of an oppressed class. The study also found that the “value of assets — buildings, schools, leadership, and land itself — are inextricably linked to the perceptions of Black people.”
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Black Homes Matter is a movement led by the Fair and Unbiased Appraisal Advocates, a coalition of community leaders, realtors, elected officials and other concerned citizens across Prince George’s County, MD.
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