Report Finds Appraisal Gap in Minority Communities
The report found that in mostly Latino neighborhoods, 15.4% of homes appraised came below the contract price, compared to 7.4% of White neighborhoods, making the gap 8%. In mostly Black neighborhoods, 12.5 homes appraised came below contract price, making the gap 5.2%.
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NAR Reports How Race Impacts Homeownership
While homeownership in the U.S. is on the rise, reaching 65.1% at the end of 2019, there is still a large discrepancy in homeownership rates across ethnicities.
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Research shows minority homeownership not recovering from recession
“Minority homeownership is not bouncing back from the recession,” said Jessica Lautz, research director, demographics and behavioral insights, for NAR. “The rate for black and Hispanic homeowners is 42.3 percent, compared to 72.3 percent for white homeowners.”
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