The rate of Black homeownership in Atlanta increased by nearly 5% during the pandemic— more than any other race. But that’s not a straightforward piece of good news.
Driving the news: The Black homeownership rate in the city remains about 25% less than that of white households in 2021, according to new data from Zillow.
Why it matters: The increase could be “an early sign” that programs designed to make homeownership more accessible like down payment assistance are “starting to make a mark,” said Nicole Bachaud, a senior economist at Zillow.
- But the rate remains below pre-Great Recession levels, she pointed out, and well behind that of white homeownership. “So there is a long road ahead,” she said.
Homes owned by Black Atlantans also appreciated faster than white-owned homes during the pandemic. But Bachaud said that likely reflects that Black home values are lower than average, and lower-priced homes have been in high demand.
- The average Black-owned home in Atlanta is worth about $44,000 less than the overall average, per Zillow.
What they’re saying: Odetta MacLeish-White, director of Georgia Initiatives for the Center for Community Progress, told Axios the increase could be positive, “but only if a family can pull equity from that increased appreciation to help finance a new house, pay off debt, or fund other family projects.”
- If homeowners instead are merely faced with increased taxes, she said, it “destabilizes the household and the community.”
The big picture: Josh Humphries, the mayor’s senior housing policy advisor, told Axios in an interview there’s no “silver bullet” to solve the generational problems of housing affordability and Black homeownership.
- “It’s going to take a lot of work for a long period of time and policy efforts and programs like down payment assistance to help chip away at that,” he said. “And we’re not gonna solve it overnight. But I do think collectively, we can make a real dent.”
- He pointed to a slew of…
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