Daily News | Black homeowners across the U.S. and Philly region gained the least wealth from their properties over the last decade
How much wealth households gain through home price appreciation depends on location, initial price, length of time in the home, and homeowners’ race, according to aNationally, a median-priced home is worth $190,000 more now than it was a decade ago.
Black homeowners saw the smallest wealth gains over the last decade among racial groups. Asian homeowners, who as a group own more expensive homes than any other, saw the largest wealth gains, according to the report.Education and transparency can help eliminate racial bias in home appraisals, a Philly task force says
Nationwide, Black homeowners accumulated more than $115,000 in wealth, compared to more than $239,000 for Asian homeowners, more than $160,000 for Hispanic homeowners, and more than $138,000 for white homeowners. Property values tend to grow over time, and Black homeowners tend to stay in their homes longer than owners in other racial groups, according to the report. But they also typically own homes that cost almost $64,000 less than white homeowners, for example, so they stand to gain less wealth from their homes.
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