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Zillow Research: Housing Gains Could Increase Black Wealth More than Half a Trillion Dollars by 2031

Zillow Research, April 26, 2021, Housing Gains Could Increase Black Wealth More than Half a Trillion Dollars by 2031

The Black-white wealth gap has widened over the past decade-plus: The typical Black household currently has less than a quarter (23.3%) of the wealth of a typical white household, down from more than a third (34.6%) before the Great Recession.

Housing disparities account for 38.4% (about $1.18 trillion) of the overall $3 trillion median Black-white wealth gap.

If the typical Black-owned home was worth the same as the typical white-owned home, Black wealth would more than double (from $930 billion to $2.1 trillion).

 A recent report from the National Community Reinvestment Coalition has called for a goal of 60% Black homeownership by 2040 — which would move the timeline for housing parity up to 2093. But it’s abundantly clear that this issue won’t solve itself naturally or quickly.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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