Black homeowners saw their homes appreciate at a faster rate than any other demographic during the pandemic, according to a new analysis from Zillow.
- Black homeowners saw their home values increase by 42.5% between February 2020 to January 2023. The national average was 38.5%.
- White-owned home values jumped 37.8% during that same period while Hispanic- and Asian-owned home values increased by 38.3% and 37%, respectively.
Almost $85K. The typical Black homeowner gained nearly $84,000 in equity during this almost three-year period.
- The gap between the typical black home and the typical home fell to 14.8% from 17.8% pre-pandemic. This is the closest Black-owned home values have been to overall values since at least the year 2000.
Ownership Rises. According to the most recent U.S. Census Bureau data, Black homeownership increased by 2 percentage points from 2019 to 2021, compared to 1.3% for the nation at large.
Analysis. Nicole Bachaud, senior economist at Zillow, said in the release “These gains are extremely important in terms of increasing wealth among the Black community, as homeowners of color are more likely to have the bulk of their household wealth tied up in their homes,”
