Homes owned by black Americans undervalued by billions, says report
To the tune of $156 billion Black Americans, long accustomed to facing more hurdles on the road to homeownership, may consistently find their investments in residential property undervalued, according to a new joint Brookings Institution and Gallup study released today.
According to ?The devaluation of assets in black neighborhoods: The case of residential property,? across all majority black neighborhoods, owner-occupied homes are undervalued by the real estate market at large, and consistently sell or are appraised for lower prices, by an average of $48,000 per home. Nationwide, this amounts to $156 billion in cumulative losses, what the report dubs a ?segregation tax.?
Furthermore, homes of similar value with similar features are valued at 23 percent less in majority black neighborhoods compared to those with very few or no black residents. The researchers noted that, while some of the majority black neighborhoods they examined exhibited features associated with lower property values, including higher crime rates, longer commute times, and less access to high-scoring schools and well-rated restaurants, their analysis shows that these factors only explain roughly half of the undervaluation. Even taking into account the fact that housing stock in black majority neighborhoods tends to be older and have less space or fewer bedrooms than comparable homes in the same market does not fully account for the differences in housing values.
?We believe anti-black bias is t...
-------------------------------- |
Henry K Wein designs portable treehouse that can be towed by bicycle |
|
Cite de Carcassonne: Fortified Medieval City in France
03-05-2024 08:45 - (
architecture )
Tips for Personalizing Your Space to Make Your Home Feel Like ‘You’
03-05-2024 08:35 - (
architecture )