ST. LOUIS — St. Louis has one of the starkest disparities nationwide in how Black-owned home values compare to the typical local home value, according to a new study from Zillow Group.
Zillow’s report, released last week, found the typical value in October for a Black-owned home in St. Louis was $112,529, a 41% disparity from the average St. Louis home value of $190,720. That gives St. Louis the fourth-largest gap among the 50 largest U.S. metro areas, ranking behind Detroit, Buffalo and Birmingham.
The home value gap between Black-owned homes and the typical home in St. Louis far outpaces the national disparity, which is 16.2%. Zillow’s data also tracked the gap between the value of Latinx-owned homes and the average home value, finding a 10.2% gap nationally. In St. Louis, that gap is 3.7%, with the average Latinx-owned home valued at $183,594.
In St. Louis, non-Hispanic white-owned homes and Asian-owned homes tracked above the typical home value by 3.9% and 20.5%, respectively.
Zillow’s report said job losses due to the COVID-19 pandemic has caused concerns that the home value gap for minority groups could grow in the upcoming years. However, Zillow economist Treh Manhertz said he doesn’t see the gap expanding in the near-term.
“Thanks to rock bottom rates on the most secure mortgages, extended forbearance programs and rising home prices, there are no signs of another widening of the gap coming this year. However, through these turbulent times, continued vigilance and targeted intervention by policymakers is crucial to keep the progress going for communities of color,” he said.
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