US Home Value Gap Shrinks Among Races

The value for Black and Latino-owned homes lags behind overall home values, but the gap is narrowing, according to a new analysis released Tuesday by Zillow.

The analysis found that Black and Latino-owned homes are worth 16.2 percent and 10.2 percent less than the typical U.S. home – values that have closed by roughly 4 percentage points in recent years.

“It has taken nearly a decade for the home value gap to return to pre-recession levels, but still, the gap remains very large,” Zillow economist Treh Manhertz said. “With Black and brown communities and jobs hit disproportionately hard in the pandemic, there has been reason to worry another dip may be on the horizon that could slow or stop the progress. However, this is not the case, as the same factors that widened the gap in the Great Recession are not surfacing this time.”

Homes owned by non-Hispanic white and Asian families are worth 2.9 percent and 3.7 percent more than the typical U.S. home.

Before the Great Recession, the gap between Black-owned home values and all home values was about 15 percent but grew to 20 percent by March 2014. Latino-owned homes saw the largest home value gap in May 2012 at 14 percent – 2 percentage points larger than before the housing bubble. 

“Thanks to rock bottom rates on the most secure mortgages, extended forbearance programs, and rising home prices, there are no signs of another widening of the gap coming this year,” Manhertz said. “However, through these turbulent times, continued vigilance and targeted intervention by policymakers is crucial to keep the progress going for communities of color.”

Here is a look at the value gap by metropolitan area:

Metropolitan AreaZillow Home Value IndexZHVI for Black-Owned HomesValue Gap for Black-Owned HomesZHVI for Latinx-Owned HomesValue Gap for Latino-Owned Homes
United States$262,604$219,931-16.2%$235,943-10.2%
New York/Newark, NY/NJ$505,569$444,523-12.1%$458,474-9.3%
Los Angeles, CA$726,379$587,679-19.1%$551,079-24.1%
Chicago, IL$255,532$159,962-37.4%$213,016-16.6%
Dallas-Fort Worth, TX$271,831$221,932-18.4%$223,245-17.9%
Philadelphia, PA$269,695$207,440-23.1%$218,992-18.8%
Houston, TX$229,613$190,589-17.0%$196,079-14.6%
Washington, DC$459,656$430,736-6.3%$431,427-6.1%
Miami-Fort Lauderdale, FL$312,574$258,932-17.2%$308,280-1.4%
Atlanta, GA$255,109$216,927-15.0%$244,280-4.2%
Boston, MA$525,223$443,914-15.5%$460,944-12.2%
San Francisco, CA$1,126,793$875,107-22.3%$909,903-19.2%
Detroit, MI$195,270$106,413-45.5%$154,686-20.8%
Riverside, CA$411,728$407,797-1.0%$393,359-4.5%
Phoenix, AZ$315,045$275,568-12.5%$254,695-19.2%
Seattle, WA$567,205$478,372-15.7%$518,693-8.6%
Minneapolis-St. Paul, MN$310,357$271,748-12.4%$288,169-7.1%
San Diego, CA$649,474$529,026-18.5%$545,204-16.1%
St. Louis, MO$190,720$112,529-41.0%$183,594-3.7%
Tampa, FL$240,308$211,518-12.0%$230,762-4.0%
Baltimore, MD$311,464$269,153-13.6%$290,738-6.7%
Denver, CO$468,128$412,917-11.8%$430,108-8.1%
Pittsburgh, PA$174,771$137,005-21.6%$224,10828.2%
Portland, OR$442,464$426,583-3.6%$421,170-4.8%
Charlotte, NC$259,012$218,607-15.6%$235,254-9.2%
Sacramento, CA$458,805$424,437-7.5%$431,496-6.0%
San Antonio, TX$223,830$216,275-3.4%$198,868-11.2%
Orlando, FL$268,806$242,226-9.9%$259,484-3.5%
Cincinnati, OH$203,768$166,450-18.3%$207,2431.7%
Cleveland, OH$168,994$101,824-39.7%$134,180-20.6%
Kansas City, MO$220,301$163,397-25.8%$185,913-15.6%
Las Vegas, NV$305,073$294,656-3.4%$274,878-9.9%
Columbus, OH$225,835$174,351-22.8%$209,033-7.4%
Indianapolis, IN$200,366$179,633-10.3%$178,652-10.8%
San Jose, CA$1,236,298$1,120,585-9.4%$951,612-23.0%
Austin, TX$366,297$294,580-19.6%$313,708-14.4%
Virginia Beach, VA$259,731$245,226-5.6%$254,769-1.9%
Nashville, TN$297,996$269,767-9.5%$278,214-6.6%
Providence, RI$342,548$308,388-10.0%$309,296-9.7%
Milwaukee, WI$202,012$121,715-39.7%$165,441-18.1%
Jacksonville, FL$246,484$193,905-21.3%$244,903-0.6%
Memphis, TN$167,904$124,538-25.8%$145,730-13.2%
Oklahoma City, OK$171,213$142,051-17.0%$131,541-23.2%
Louisville, KY$192,122$141,855-26.2%$174,852-9.0%
Hartford, CT$250,566$205,037-18.2%$216,184-13.7%
Richmond, VA$261,415$234,525-10.3%$250,052-4.3%
New Orleans, LA$217,016$179,157-17.4%$213,635-1.6%
Buffalo, NY$187,090$106,690-43.0%$163,008-12.9%
Raleigh, NC$299,764$253,661-15.4%$272,773-9.0%
Birmingham, AL$184,012$105,272-42.8%$172,171-6.4%
Salt Lake City, UT$418,763$395,093-5.7%$358,700-14.3%