Black-owned houses respect slower in Dallas

Homes owned by Black families in North Texas have appreciated slower than Black-owned homes in other parts of the country, according to a new analysis by Zillow.

Why it matters: Dallas has a long, sordid history of housing segregation that the city has been trying to address with new policies.

Between the lines: Equal access to housing isn’t just about finding homes. It’s also about the ability to build wealth through appreciating real estate.

The big picture: The national racial home-value gap is the smallest it’s been in the past two decades, per Zillow.

• Despite being hit disproportionately hard by the pandemic, Black families’ homes nationwide have appreciated more than any others since February 2020.
• Black homeownership increased 2% from 2019 to 2021, compared with 1.3% for the nation at large, according to data from the American Community Survey analyzed by the Urban Institute.
• Black women ages 45–54 and 75 and older saw the largest increase among Black homeowners during the pandemic, with 2.9 percentage points of growth, according to Zillow.

Yes, but: In Dallas, the Black homeownership rate is lower than that of the nation, and gaps in home values and home ownership are closing slower than the U.S. average, according to the Zillow analysis.

Context: The home-value gap across the country has dropped 2.5% over the last three years, according to Zillow. In some areas — like Detroit — it shrunk by 9 percentage points.

Zoom in: In Dallas, the home-value gap shrunk just 1%.

• In Austin, it’s even smaller, at 0.1%.
• In some cities, like Los Angeles and Seattle, the gap actually increased.

By the numbers: The typical value of a Black-owned home in North Texas is $301,292, nearly $60,000 less than the overall typical value of local homes, per Zillow.

• Black families in the Dallas-Fort Worth area are 31.7% less likely to own a home, compared with white families, according to the company’s analysis.

The bottom line: “Due to years of redlining and other forms of systemic discrimination, housing disparities between Black and white families persist,” Nicole Bachaud, senior economist at Zillow, said in a statement.

• “Policies and interventions like expanding access to credit, building more affordable homes and finding new approaches to mitigate appraisal bias are keys to achieving housing equity.”