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SEATTLE, March 15, 2021 /PRNewswire/ (NASDAQ: RDFN) Americans living in formerly redlined neighborhoods many of whom are people of color are more likely than those living in non-redlined neighborhoods to see their homes jeopardized by water damage, according to a new
redfin.com), the technology-powered real estate brokerage.
There are $107 billion worth of homes at high risk of flooding in parts of the U.S. that were designated undesirable for mortgage lending under the racist 1930s-era practice known as redlining, according to a Redfin analysis of flood risk by redlining grade in 38 major U.S. metropolitan areas. That compares with $85 billion worth of homes at high risk of flooding in places that were deemed desirable for lending.
There are
$107 billion worth of homes at high risk of flooding in parts of the
U.S. that were designated undesirable for mortgage lending under the racist 1930s-era practice known as redlining, according to a Redfin analysis of flood risk by redlining grade in 38 major
U.S. metropolitan areas. That compares with
$85 billion worth of homes at high risk of flooding in places that were deemed desirable for lending.
This disproportionately impacts people of color, who are more likely to live in formerly redlined areas than in formerly greenlined areas. Today, 58.1% of households in neighborhoods that were once designated undesirable for mortgage lending are non-white, compared with 40.4% of households in neighborhoods that were labeled desirable for lending.