and infrastructure in those neighborhoods and reduced wealth and discretionary income for Black families. In his book, “Know Your Price: Valuing Black Lives and Property in America’s Black Cities,” which came out in May, Mr. Perry argues that racism contributes to the devaluation of assets, including homes, in majority-Black cities.
Mr. Perry spoke with The Future of Everything about the long-term effects of the gap in housing values, how to increase the Black homeownership rate and what’s next for majority-Black cities. Your research has shown that houses in majority-Black neighborhoods are valued lower than similar houses in neighborhoods with few or no Black residents. What is the long-term effect of that valuation gap?
We really wanted to see the impact of race on home price. And we controlled for education, crime, walkability, all those fancy Zillow metrics. And what we found is homes in Black neighborhoods are underpriced by 23%, about $48,000 per home. Cumulatively that’s $156 billion in lost equity. In fact, $156 billion is the equivalent of 4.4 million new businesses, based on the average amount Blacks use to start up their firms.
Education is the key to this problem. Teach yourself what the big banks don't want you to know about personal finance and basic money management. Then payitforward financialeducation
I am old enough to remember how this ends. 2008 anyone? Sub Prime.
🚨Donald J. Trump 🚨Republicans in Congress OWN THIS 💩 🔥 293,390+ U.S. COVID19 DEATHS 🚫 COVID19 Vaccine Problems 🚫 Food Banks Out of Food 🚫 NO $1,200 Stimulus Checks 🚫 Reduced UNEMPLOYMENT 🚫 SmallBusiness Problems 🚫 Healthcare Problems
Allow interest rates to return to normal, so properties will be sold for prices folks can actually afford, and the yield chasers with cash to park will also stop outbidding locals who just need a place to live.
Drug use is a hereditary, neurological historical, ancestral, genetic, natural differences in man, & they will use excuses to justify their evil deeds & deny the smokers and drinkers a right to exist, or do you only believe hart disease and cholesterol are the only thing genetic
We can start by not taking Steve harvey's house and giving it to SenatorLoeffler like that racist CharlesFinch just tried to do.
In October 1959 the Bretton Woods system was doomed. The dollar could not survive as the world's reserve currency without requiring the United States to run ever-growing deficits.
My uncle don't even rent to certain people cuz he said they are bad tenants.
How is the housing market not equitable for different races? How about ways to help poor people equally?
Teach them not to blow their paychecks on liquor and weed
thank you very much for your work
I thought disregarding people’s ability to pay a mortgage is what got us into trouble last time.