Minority Homeowners Face Drastic Damages

Minority homeowners are at a much greater risk from climate damage than Whites. According to Zillow, “As natural disasters are becoming more frequent and severe, not all U.S. homeowners face equal exposure to the risks. A new Zillow analysis reveals that Black and Hispanic homeowners are disproportionately vulnerable to major climate risks like wildfire, wind, and extreme heat.”

Using “major risk from climate disasters, for Whites, the figure was 52% compared to 81% for Blacks during major heat events. For wind events, the White figure was 32% for Whites and 60% for Blacks.  Zillow added, “The disproportionate burden of climate risk on minority homeowners has the potential to exacerbate financial inequality between racial groups.”

Homes In The South

Some of the reasons are that Black ownership is higher in the South, where many of these events occur. Another issue is the rising cost of owning a home, which is exacerbated by increasing insurance premiums due to natural disasters. Black Americans tend to have lower incomes than Whites. 

Given that mobility has declined in the United States, the problem is likely to persist. Additionally, Blacks sometimes cannot afford homes in “White” areas because of income and cost.

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