The article explores how socioeconomic status (SES) factors, including income, education, and household composition, fundamentally influence home valuation disparities, often irrespective of racial bias. It highlights that even predominantly white neighborhoods exhibit valuation gaps related to these SES metrics. While acknowledging the legacy of discrimination between racial groups, the article contests the portrayal of appraisers as the primary culprits behind valuation discrepancies, arguing that broader socioeconomic factors are at play. The discussion critiques the actions of PAVE, which fosters mistrust in the housing market and appraisal process, raising concerns over the rise of automated valuation models and their implications for integrity in home pricing.
Our more robust research demonstrates that socioeconomic status or class factors can explain virtually all disparities in home valuations, reinforcing the complexity of racial equity.
PAVE has directed focus on predominantly white, male, older appraisers as systemic bias sources, reinforcing preconceived notions without adequately considering broader socioeconomic factors.
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