Joe Biden's Remarks About House Prices Raise Eyebrows

President Joe Biden's comment about the homes of Black Americans being valued at less than those of white families has sparked backlash from several social media users, who accused the Democrat of being a "divider" for bringing up racial discrimination.

During a campaign speech at Charleston Church in South Carolina on Monday, the president addressed the issue of the racial wealth gap and racial biases in home appraisals.

"Today, a home owned by a Black family on one side of a highway, built by the same builder on the other side of the highway and a white guy living in it, the white guy's home is valued more than the Black guy's!," he said. "I know you know it. And guess what, that's how you build generational wealth."

Several studies have recently reported that racial biases affect majority-Black communities and neighborhoods, where homes are valued at less than they would be if the same buildings were owned by white families.

According to research released by the nonprofit independent organization the Brookings Institute in December 2022, homes in Black neighborhoods are valued roughly 21 percent to 23 percent below what their valuations would be in non-Black neighborhoods. Neighborhoods with a majority of Latino, Hispanic, Asian Americans or white residents didn't experience home price devaluation.

Researchers also found that appraisal transactions in majority-Black neighborhoods were 1.9 times more likely to be appraised under the contract price than homes in majority-white neighborhoods. The study was based on data provided by the Federal Housing Finance Agency.

Biden's speech took place in the same church where nine Black congregants were killed and another one injured in a racist mass shooting on June 17, 2015. The gunman, 21-year-old Dylann Roof, was a white supremacist and had published a racist manifesto online before going on a rampage at the church.

But talking about racial discrimination and its cultural and financial impact has become an issue that conservatives have increasingly tried to drag into the culture war—and as such, a controversial one for many.

A social media post by Greg Price, communications director for the conservative State Freedom Caucus Network, reporting Biden's statement has gone viral on X, formerly known as Twitter, where it reached 5 million views.

Many of the users commenting on the post joked about the existence of a tool on real estate website Zillow indicating whether a home is owned by a white or Black individual, while others accused Biden of making "everything about race" and even being "the most racist person to occupy the Oval office."

"He just can't stop dividing the country!," wrote another user, reversing accusations that are often made against former president Donald Trump. Another accused the president of being a "lying race-baiter."

The speech comes at a time when Biden is under pressure to secure the support of Black voters across the country, as many appear to be shifting towards Trump for the November election.

Recent national and swing state polls reviewed by Bloomberg show that Trump—who's currently the 2024 GOP frontrunner—has between 14 percent and 30 percent of the Black vote share. In 2020, Trump won 8 percent of the Black vote, according to the Pew Research Center.