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Buying high end fashion and expensive cars which are both depreciating assets versus investing in real estate or stocks and bonds is the reason black wealth is still so far behind the wealth of our counterparts from other races. We just can’t get out of our own way even in 2018.....
If African Americans in DC and Atlanta would have held onto the homes they owned in the city instead of selling and moving to the suburbs, we would have real wealth. Look at the real estate markets now.
It’s just sad because African Americans all over the country seem to always be a day late and a dollar short. White flight led wealth out to the suburbs in the 1950s and now wealth is headed back into the city, but we still don’t get it. Here we are selling for a windfall instead of keeping these homes and renting them etc. and go buy these big suburban homes that will not retain their value. The suburban poverty is rising every year and will continue to get worse. These cheap homes in the suburbs will not be worth anything in 20 years and we will once again be wondering what happened.
You hit the nail right on the head. Your point is probably no truer than in Los Angeles. There are several adjoining upscale neighborhoods (Baldwin Hills, View Park, Leimert Park, Windsor Hills, Ladera Heights) in the center of LA that have lovely homes, are convenient to the best of LA, have some of the best weather that is rarely too hot or cold, and have been predominately black for the past 50 yrs. After the gang problems of the 80s and 90s, influx of Hispanics, and the Rodney King incident, many blacks bolted for the southern cities of Houston, Dallas, and Atlanta and bought new homes in these city's burbs for half the cost of the house they sold in LA. Not sure what they did with the remaining money they received on the sale but my guess is they've probably spent it by now. But many blacks in these LA neighborhoods did not sell and are now sitting on hundreds upon hundreds if not millions upon millions of dollars of equity. Many have remodeled further increasing their home value and equity. Some have invested some of their equity in businesses. The city and private investment are heavily investing in the area too in anticipation of gentrification. The really good news is that word is spreading amongst everyone in the area that they are in a really great area and should not sell. I would not be surprised to learn that these nabes represent the greatest concentration of black wealth in the nation, due to the very large equities and 100K+ avg incomes. Meanwhile, when I check Zillow to see the value of some of the nabes in the South where some moved to, house values are little more than they were a dozen years ago. I have a friend that brags that with the equity he has in his house in LA, today he could buy 3 houses that his sibling bought when they left LA and bought in a southern Atlanta suburb 13 yrs ago. Bottom line: Black Folks all over the country need to stay in the game and not sell their house in the city if at all possible. Rather, if they need/want money to invest or do other things, use some of your equity.
at all possible. Rather, if they need/want money to invest or do other things, use some of your equity.
It's different because black people want to be around black people, if you live in a wealthy black community and you see blacks moving to suburbs you are inclined to move because your community support system is gone
growing up next to black doctors and lawyers is different than growing up next to white ones or any race for that matter , older people of a racial group are more likely to take a younger person under his wing of the same race.............. sad for society, but true because America is not really a country on a micro level or neighborhood level but a system of racial enclaves
You hit the nail right on the head. Your point is probably no truer than in Los Angeles. There are several adjoining upscale neighborhoods (Baldwin Hills, View Park, Leimert Park, Windsor Hills, Ladera Heights) in the center of LA that have lovely homes, are convenient to the best of LA, have some of the best weather that is rarely too hot or cold, and have been predominately black for the past 50 yrs. After the gang problems of the 80s and 90s, influx of Hispanics, and the Rodney King incident, many blacks bolted for the southern cities of Houston, Dallas, and Atlanta and bought new homes in these city's burbs for half the cost of the house they sold in LA. Not sure what they did with the remaining money they received on the sale but my guess is they've probably spent it by now. But many blacks in these LA neighborhoods did not sell and are now sitting on hundreds upon hundreds if not millions upon millions of dollars of equity. Many have remodeled further increasing their home value and equity. Some have invested some of their equity in businesses. The city and private investment are heavily investing in the area too in anticipation of gentrification. The really good news is that word is spreading amongst everyone in the area that they are in a really great area and should not sell. I would not be surprised to learn that these nabes represent the greatest concentration of black wealth in the nation, due to the very large equities and 100K+ avg incomes. Meanwhile, when I check Zillow to see the value of some of the nabes in the South where some moved to, house values are little more than they were a dozen years ago. I have a friend that brags that with the equity he has in his house in LA, today he could buy 3 houses that his sibling bought when they left LA and bought in a southern Atlanta suburb 13 yrs ago. Bottom line: Black Folks all over the country need to stay in the game and not sell their house in the city if at all possible. Rather, if they need/want money to invest or do other things, use some of your equity.
Black folks need to stop running away from cities they help built and start reaping the benefits.
There are some folks who think all blacks should relocate south as if that’s going to chance the fact that we live in America but it looks like blacks in the mid-Atlantic and up north are a step behind like MD said!
From my understanding Atlanta black wealth is different from DC black wealth, with wealth in DC being centered in Prince George's County and rich black in small numbers spread out in smaller numbers in other counties in the DMV
Black wealth and Atlanta, like DC is segregated from rich whites, but it's more spread out in different counties with Fayette county being the center of black wealth in Atlanta
Actually both are similar in terms of how Black wealth is dispersed. In metro Atlanta, Dekalb County is historically where a critical mass of upper income Black families have residedñ the overall stats for the county won't necessarily reflect that though because there's also a large contingent of working class Black folks in the county. Fayette is more of a secondary node for Black wealth because it's not a very populous county but on average, Black families there earn more and the median Black household income is higher than the White median household income. Then you have neighborhoods within Atlanta itself, south Fulton, parts of Clayton, Henry, Cobb, Gwinnett, etc.
Black folks need to stop running away from cities they help built and start reaping the benefits.
There are some folks who think all blacks should relocate south as if that’s going to chance the fact that we live in America but it looks like blacks in the mid-Atlantic and up north are a step behind like MD said!
it's called group economics, every race practices it, except black people
Black folks need to stop running away from cities they help built and start reaping the benefits.
There are some folks who think all blacks should relocate south as if that’s going to chance the fact that we live in America but it looks like blacks in the mid-Atlantic and up north are a step behind like MD said!
But it's a catch-22; property values only increase substantially in these Black neighborhoods once enough upper income Whites move in. Sometimes new construction will be a part of that but usually it will heavily involve some current residents selling to gentrifiers. So some Black folks will have to sell in order for the rest to have a gold mine to sit atop in the first place.
In the end, it doesn't matter if we're in the suburbs or the city; if the neighborhood isn't White enough, home values will be depressed.
But it's a catch-22; property values only increase substantially in these Black neighborhoods once enough upper income Whites move in. Sometimes new construction will be a part of that but usually it will heavily involve some current residents selling to gentrifiers. So some Black folks will have to sell in order for the rest to have a gold mine to sit atop in the first place.
In the end, it doesn't matter if we're in the suburbs or the city; if the neighborhood isn't White enough, home values will be depressed.
Average property values in wealthy Black areas on the low end is $500,000 and on high end is $2,500,000,if you compare that with whites low end is $1,000,000 and high end is $50,000,000
You hit the nail right on the head. Your point is probably no truer than in Los Angeles. There are several adjoining upscale neighborhoods (Baldwin Hills, View Park, Leimert Park, Windsor Hills, Ladera Heights) in the center of LA that have lovely homes, are convenient to the best of LA, have some of the best weather that is rarely too hot or cold, and have been predominately black for the past 50 yrs. After the gang problems of the 80s and 90s, influx of Hispanics, and the Rodney King incident, many blacks bolted for the southern cities of Houston, Dallas, and Atlanta and bought new homes in these city's burbs for half the cost of the house they sold in LA. Not sure what they did with the remaining money they received on the sale but my guess is they've probably spent it by now. But many blacks in these LA neighborhoods did not sell and are now sitting on hundreds upon hundreds if not millions upon millions of dollars of equity. Many have remodeled further increasing their home value and equity. Some have invested some of their equity in businesses. The city and private investment are heavily investing in the area too in anticipation of gentrification. The really good news is that word is spreading amongst everyone in the area that they are in a really great area and should not sell. I would not be surprised to learn that these nabes represent the greatest concentration of black wealth in the nation, due to the very large equities and 100K+ avg incomes. Meanwhile, when I check Zillow to see the value of some of the nabes in the South where some moved to, house values are little more than they were a dozen years ago. I have a friend that brags that with the equity he has in his house in LA, today he could buy 3 houses that his sibling bought when they left LA and bought in a southern Atlanta suburb 13 yrs ago. Bottom line: Black Folks all over the country need to stay in the game and not sell their house in the city if at all possible. Rather, if they need/want money to invest or do other things, use some of your equity.
True.., but if you remember those days, it was very dangerous to live in many parts of LA at the time, especially for families with children. People were not concerned with home equity as much as they were concerned with violence enacted upon their offspring. I worked for LAUSD and can share some sad stories. My ex was raised in LA and grew up in the area around Western & 30th, and grew to hate what the neighborhood had become. Gangs got worse and crack sucked the life out of what was left, so most people took off to cities further outside the city, and then the state altogether. Some places had much better options at the time.
Washington D.C. was nicknamed Dodge City in the 80's and 90's, and there were grade school kids planning their own funerals because they didn't feel safe in their own schools or even their own bedrooms or front stoops/porches, day or night. So., the parents who could leave, left. For many of them holding onto, and renting the properties weren't an option. Look at the way people refer to Baltimore. That was D.C. 25 years ago, and I'm betting in another decade we'll be looking at a regentrificated Baltimore and having this conversation about "why did blacks sellout or move out, when they should've just stayed and held onto all that lucrative property."
True.., but if you remember those days, it was very dangerous to live in many parts of LA at the time, especially for families with children. People were not concerned with home equity as much as they were concerned with violence enacted upon their offspring. I worked for LAUSD and can share some sad stories. My ex was raised in LA and grew up in the area around Western & 30th, and grew to hate what the neighborhood had become. Gangs got worse and crack sucked the life out of what was left, so most people took off to cities further outside the city, and then the state altogether. Some places had much better options at the time.
Washington D.C. was nicknamed Dodge City in the 80's and 90's, and there were grade school kids planning their own funerals because they didn't feel safe in their own schools or even their own bedrooms or front stoops/porches, day or night. So., the parents who could leave, left. For many of them holding onto, and renting the properties weren't an option. Look at the way people refer to Baltimore. That was D.C. 25 years ago, and I'm betting in another decade we'll be looking at a regentrificated Baltimore and having this conversation about "why did blacks sellout or move out, when they should've just stayed and held onto all that lucrative property."
Excellent point. A lot of us here aren't parents and don't consider that perspective but it's obviously a very important one.
No wonder black professionals in DC and NYC seem to get along so well.
DC is at the edge of the periphery of the Northeast. Its a cultural thing.
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