Home Appraisal Discrimination
Same house, different images: Displaying photos of a White family increased an appraisal by $500,000
Homeownership is often considered one of the pillars of American society when it comes to building wealth. Homes perform better than stocks and bonds and hedge against inflation. A 2014 Forbes article said owning is cheaper than renting, and both political parties consider it a cornerstone of middle-class living. But in understanding all of the benefits, I’m still not sure if I’ll ever own a home.
As I continue my journey to better financial health, buying a home isn’t a high priority. First of all, my student loans are hefty. Secondly, my family likely can’t help with a down payment. And lastly, being tethered to the albatross of a home loan doesn’t offer the same flexibility as leasing an apartment. Those factors make owning a home feel more like a burden than a benefit.
Unfortunately, even if I was interested in buying a house, Black homeownership in the United States is fraught with challenges.
For starters, many Black people can’t afford one. If we’re lucky enough to afford one, banks don’t want to lend us money. If money and loan access isn’t an issue, redlining devalues our homes. If we’re able to clear those hurdles and buy a home anyway…
