The Problem with Racial Bias in Home Appraisals and Neighborhood Aesthetics.
A Black family in Ohio removed all items from their home that might signal they were Black, including artwork and family photos, and replaced them with photos and memorabilia borrowed from a White neighbor to get a higher appraisal. The result was a home appraisal of nearly $92,000 more than the first. Recent data shows that homes owned by Black people are significantly undervalued compared to White-owned homes, contributing to the racial wealth gap. Advocates for Black homeowners say this bias is a systemic issue that industry leaders blame on a lack of diversity and a methodology that gives appraisers too much discretion in deciding the value of a home.