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.