According to recent data published by Zillow, St. Louis currently ranks very high in terms of the disparity in value between Black-owned homes and the average home value. This continues an issue that has historically been a problem in the region.
The Zillow report reveals that the average value of a home in St. Louis as of October, 2020 was $190,720, while the average Black-owned home value was $112,529. This is a disparity of 41%, the 4th highest of the nations major metro areas. St. Louis is only exceeded by Detroit, Buffalo, and Birmingham. This disparity is also far higher than the national average of 16.2%.
For Latinx-owned homes, the average value is only slightly below the average value at $183,594. This is a disparity of 3.7% from the average. On the flip side, non-Hispanic white-owned homes were had an average value 3.9% above the average value, while Asian-owned homes were 20.5% above.
Economists do not anticipate these gaps growing significantly wider, despite justifiable concerns over the current job market. Current low interest rates and mortgage forbearance assistance should help embattled home owners hold the line. Nevertheless, they are still indicative of historic issues in the region still in need of redress.