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It would seem it's not what is purchased but where it is purchased
The burning question why do houses in black neighborhoods not appreciate
They do, just not at the rate of white neighborhoods because, as I stated earlier, white buyers drive the market and whites on the whole do not want to live in black neighborhoods.
But the middle to upper income black neighborhoods do appreciate in value. The recent housing crisis saw prices falling all over, but most areas are projected to have an increase in value over the next year.
Oddly enough, Detroit actually is considered a city where prices will rebound the most over the next few years due to the fall in prices that occurred during the downturn.
Here in Atlanta, they are also projected to increase, even in my neighborhood and I live in a poverty stricken black neighborhood (but we are being targeted for gentrification, which is why I bought in this area). And FWIW, I am currently not under water on my home in Atlanta and we do have some equity built up that is greater than that which was shown on the net worth of different ethnicities. And just to brag, due to me buying some homes in the downturn in majority black and in my hometown in integrated, but poor/working class areas, we have a net worth that surpasses that of whites on that chart because we got those homes dirt cheap (less than $10K) and all of them now have equity in the $30-$50K area and they are income properties and generate rental income for us. So black people can become wealthy by investing in black neighborhoods or just lower income areas in general.
They do, just not at the rate of white neighborhoods because, as I stated earlier, white buyers drive the market and whites on the whole do not want to live in black neighborhoods.
But the middle to upper income black neighborhoods do appreciate in value. The recent housing crisis saw prices falling all over, but most areas are projected to have an increase in value over the next year.
Oddly enough, Detroit actually is considered a city where prices will rebound the most over the next few years due to the fall in prices that occurred during the downturn.
Here in Atlanta, they are also projected to increase, even in my neighborhood and I live in a poverty stricken black neighborhood (but we are being targeted for gentrification, which is why I bought in this area). And FWIW, I am currently not under water on my home in Atlanta and we do have some equity built up that is greater than that which was shown on the net worth of different ethnicities. And just to brag, due to me buying some homes in the downturn in majority black and in my hometown in integrated, but poor/working class areas, we have a net worth that surpasses that of whites on that chart because we got those homes dirt cheap (less than $10K) and all of them now have equity in the $30-$50K area and they are income properties and generate rental income for us. So black people can become wealthy by investing in black neighborhoods or just lower income areas in general.
Everything you wrote here suggests it's all about income/class/tenure (own vs rent) and not about race.
Black people can become wealthy by investing in black neighborhoods and collecting money from those who cannot buy a home.
Did you people actually read the article, or are you just using the topic title to start spinning your own prejudices?
Blacks in wealthy are not criminals, drug addicts, welfare mothers. They value education as much as whites do. That's how they can buy into wealthy neighborhoods--they are educated enough to have well-paid jobs to buy into those neighborhoods.
The issue here is home value based purely on a factor of race, and it's no different from what it has ever been since the late 60s when institutionalized racism in the housing market began to be dismantled. Decades ago, it was measured that "white flight" began when a neighborhood reached 8% black, and that had nothing to do with increased crime or depressed schools or any of your other prejudices.
When a neighborhood is more than 10% black, even if all other factors are equal, home values will be lower simply because whites--who still represent the overwhelming demographic market marjority--reject buying there. It was then and is still nothing but discomfort of whites with diverse neighborhoods.
True........and there are also still, in 2014, neighborhoods, even those with the highest property values, where blacks are simply not welcome and are kept out by various devious methods.
True........and there are also still, in 2014, neighborhoods, even those with the highest property values, where blacks are simply not welcome and are kept out by various devious methods.
Yes..and most of those towns are white liberal enclaves.
Everything you wrote here suggests it's all about income/class/tenure (own vs rent) and not about race.
Black people can become wealthy by investing in black neighborhoods and collecting money from those who cannot buy a home.
This is true, but too many people, including black people, think it is a bad thing to invest in black areas and especially to live in black areas
The OP seems to be one of them, and this is not a jab, just an observation. If black people buy into the idea that all black areas have "bad schools and bad crime" and that those of us who can afford it (I can afford to live in an 8% or less black neighborhood here in Atlanta BTW) should move to majority white areas in order to "build wealth" then they are buying into the lie that black areas cannot be just as prosperous just because a majority of black people live in those areas.
But the fact does remain that whites drive the housing market and white people don't want to live around black people so black neighborhoods are not "desirable" and they are cheaper as a result. So the cheap factor of black neighborhoods, which I do think can be and should be taken advantage of by more black people who have the means (and many do, but instead of trying to build their wealth in this way, they will move to a white neighborhood because of a perceived prestige of being around white people) is a benefit to black people in many ways.
But another note to remember is that many of our neighborhoods actually are becoming more desirable due to what I mentioned earlier, being closer to public transit and centrally located to specific locations and venues that whites desire to be around. Too many black people look to lily white suburbs instead of realizing the gold mind that is grandma's house in SE DC or the Old 4th Ward in Atlanta and they give up more equity in a quick sale trying to get near whites when they would have been better in the black hood holding out amongst black people.
Show me a conservative enclave where whites live in integrated communities lol.
Closer to ROFL.
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