Homes in minority neighborhoods undervalued

0
26

“Prepare your home, where the appraiser will be focused on the quality of the home and not have reason to consider who lives there,” she said. “If you want your value, do not let them see you.”

Bedell-Nevels pointed to an egregious example from earlier this year in Indianapolis where a Black homeowner had a white friend stand in for a third house appraisal and her home value nearly doubled (it jumped from $125,000 to $259,000).

But there is little homeowners can do to obscure the racial makeup of their neighborhoods.

Nikol Miller, executive director of the Miami Valley Urban League, said low appraisals mean homeowners of color are less able to use tools homeownership should provide to stabilize and grow their wealth. Those include borrowing against their home to start a business or selling at a profit to increase wealth and move onto a bigger home.

ExploreLocal Black homebuyers twice as likely to be denied loans. Here’s what could help.

The Dayton…

Read more…