An analysis applied to 105 most populous US metropolitan areas found that nationally, homes in white neighborhoods are worth twice as much as comparable homes in communities of similar skin color.
The report “The Persistent Assessment of White Neighborhoods as More Valuable Than Communities of Color” by sociologists Junia Howell and Elizabeth Korver-Glenn showed that neither contemporary socioeconomic differences nor racist politics can explain the gap between appraised values in various parts of the country.
For the research, various homes from different metropolises were compared, from 2013 to 2021, in similar size, age and condition to neighborhoods with residents of the same socioeconomic level and comparable access to retail stores, restaurants, local services, among other points.
In the white neighborhoods of Louisville, Kentucky, an average home costs $325,942, triple the $116,180 for homes in black communities in the same city. In most of the areas analyzed, it was found that the valuation of homes in white communities is double that of the rest.
According to the report, “In just two years, the average home in white neighborhoods appreciated by $136,000, which is more than double the appreciation that a comparable $60,000 home in a community of color experienced.
The researchers say that racism has shaped home values, further accentuated during the covid-19 pandemic. Home values have been associated with the racial wealth gap, residential segregation, and educational choices.
The specialists say that The result of these types of valuations is due to a long-established system, whose patterns of inequality will persist.
It is estimated that in the last decade housing appraisals have increased by 75%.
In the midst of a “real estate recession” in the United States, several potential home buyers have put on the radar some states that previously did not look like favorites to live, due to the low cost of living. However, another factor that they must take into account will be the valuation according to the racial communities that inhabit the neighborhoods.
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Source: La Opinion
