Full Citation

Title: Black Homebuying after the Crisis: Appreciation Patterns in Fifteen Large Metropolitan Areas

Citation Type: Journal Article

Publication Year: 2019

ISBN:

ISSN:

DOI: doi: 10.1111/cico.12436

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Abstract: Some have questioned the financial wisdom of homeownership and, especially,Black homeownership. This is understandable because the mortgage crisis dealtheavy blows to Black homeowners. One concern is that home values may not appre-ciate as much where Blacks purchase homes. We examine how Black homebuyersfared compared to White and Latino buyers in terms of home appreciation dur-ing the 2012 to 2017 recovery. We examine appreciation rates by race and ethnicityacross 15 metros. We then estimate the relationship between appreciation and therace and ethnicity of the homebuyer, as well as characteristics of the neighborhoodwhere the home is purchased. We find Blacks saw higher appreciation rates thanWhites in high- and medium-appreciation metros, but not in low-appreciation met-ros. We also find that in medium- and high-appreciation metros, buyers in raciallydiverse neighborhoods tended to see higher levels of appreciation. Also in higher-appreciation metros, those buying in lower-income neighborhoods tended to seehigher appreciation rates, while those in low-appreciation metros did not.

Url: https://onlinelibrary.wiley.com/doi/full/10.1111/cico.12436

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Authors: Immergluck, Dan; Earl, Stephanie; Powell, Allison

Periodical (Full): City & Community

Issue: 3

Volume: 18

Pages: 983-1002

Data Collections: IPUMS USA

Topics: Housing and Segregation, Race and Ethnicity

Countries: