How Home Ownership Keeps Black Neighborhoods Poorer Than White Neighborhoods

[justtitans]

Originally Posted by Quick Enough

If you don't know what this thread is about, I suggest you go BACK to the first post.

Why are you being so anal? I am the one who created the thread. I am just trying to understand why you thought mentioning that was relevant. If you don't want to answer the question fine, but don't get upset when someone is trying to understand your point and you don't take the time to explain yourself.

[BigCityDreamer]

Originally Posted by UrbanScholar

Indirectly yes. The more savings/investments a person has, the more financially stable they will be. Having a "nest egg" would reduce the likelihood that they would have to live from month to month or default on a mortgage. This person could have more money available to them for general maintenance of their home and/or potential improvements (e.g. pride in ownership). If this person also patronizes businesses in their community, they increase the chance of those businesses flourishing and other businesses opening due to the demand. Aside from the aforementioned, there are other multipliers that occur as a result of wholesale wealth building within a given community.

Of course this couldn't happen with just one person, it would have to be a greater change within the community. There have been instance where predominately minority communities have been successful with self-sustainment (Rosewood, Fl, Greenwood OK) but I believe the shift in several social-economic factors has created a challenge in replicating that today (which would be a topic within itself).

Your explanation is interesting. I never thought of it that way.

I was under the impression that if people value having a larger nest egg, then they will tend to spend less money towards their homes and other expenditures since they must save so much more for their nest egg.

[Huckleberry3911948]

If a black neighborhood gentrified you could find yourself a millionaire bek you purchased way back when just like Logan here

[Fast GTO]

One look on Zillow at all the foreclosures in Ft Washington gives you an idea of the scope of the issue. Ft Washington has great potential with all the development in the immediate area, but these foreclosure issues need to be solved. One externality may be that these foreclosures end up leading to gentrification and a more diverse neighborhood. I don't think this area will ever switch to being primarily white, at least not in the next 10-15 years. I mention this because I think diversity is to be valued, and right now there is very little diversity with census data showing that the area is 75% African American; the small caucasian population lives in enclaves around swan creek.

With that said I firmly believe Fort Washington is an emerging neighborhood based on location and current/future development. It is an excellent commuting location with great amenities (MGM, Harbor, and Tanger)...if the streetcars are added in the next 5 years I can see home values going up a good amount.