Black and Latino homeowners in Philly face discrimination when appraisers assess their properties

Home appraisal bias contributes to racial wealth disparities and violates the Fair Housing Act. Jeff Fusco/The Conversation U.S., CC BY-SA

For most families, owning a home is the primary way to accumulate wealth and transfer that wealth to future generations.

But in Philadelphia and other U.S. cities, studies have shown that if you live in a Black or Hispanic neighborhood, your home is more likely to be appraised below its market value when compared to homes in non-Hispanic white neighborhoods. This is called home appraisal bias.