By Nyam Daniel
Prominently Black neighborhoods have been prime targets for investors buying property amid soaring house prices in America.
Last year, investors bought 24 percent of the homes in the Miami metro area, according to realty company Redfin. Washington Post found 30 percent of home sales nationwide in majority Black neighborhoods were to investors, compared with 12 percent in other ZIP codes.
“We know historically that places where minorities live are undervalued or lower priced,” Redfin’s Sheharyar Bokhari said.
According to Zillow.com, the typical home value of houses in Miami is $469,562, which has increased by 21.2% over the past year. Home values in Miami Gardens and Opa-locka, two majority Black neighborhoods in Miami-Dade County, have increased by more than 20% but are lower than Miami. The typical home value of houses in Miami Gardens is $370,475, and the typical house is Opa-locka is $317,316.