Atlanta to participate in racial bias home valuation study
Atlanta has been chosen as one of three cities to participate in a program to address racial bias in home valuation. A recent study found persistent and widespread undervaluing of homes in communities of color.
The study, published last month by Washington University of Saint-Louis and the housing nonprofit Eruka, was based on millions of appraisal reports made public for the first time by the Biden administration. It found, even when homes, amenities, services and other factors were the same, appraisers assessed homes in white communities twice as much as those in communities of color.
The National Urban League’s Cy Richardson said the program aims to certify home appraisers from diverse backgrounds.
"We believe that democratizing and diversifying that space will provide a more diverse playing field," he said.
Numbers from the Bureau of Labor Statistics show that 97% of home appraisers are white. Wells Fargo is the Urban League’s partner in the five-year, $5 milliondollar program in Atlanta, Charlotte and Houston.