Rep. Joyce Beatty

@RepBeatty ↗

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Last Checked June 15, 2022

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Mon Mar 28 19:15:07 +0000 2022

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Rep. Joyce Beatty @RepBeatty

While there are multiple factors to this issue, bias in the home valuation process is a barrier for communities of color. The appraisal industry lacks diversity and has shifted from independent appraisers to automatic processes. (3/5) — PolitiTweet.org

Posted March 28, 2022

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Rep. Joyce Beatty @RepBeatty

In 2019, homeownership increased, and during the pandemic, equity rose by over 29%. However, communities of color were consistently locked out of the benefits of this housing boom. According to one study, homeownership makes up ~27% of the Black-White wealth gap. (2/5) — PolitiTweet.org

Posted March 28, 2022

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Rep. Joyce Beatty @RepBeatty

This shift has not eliminated bias in appraising. In 2018, homes in neighborhoods where 50% of residents are Black are valued 50% less than areas with no Black residents. In most Black neighborhoods, Black owned houses are undervalued on average by $48,000 per home. (4/5) — PolitiTweet.org

Posted March 28, 2022