If you're looking for affordable housing in America, much of it is in majority-Black neighborhoods, thanks in large part to the legacy of structural racism.
Data: Redfin; Note: Majority neighborhoods defined as U.S. Census tracts in which demographic makes up more than 50% of owner-occupied households; Chart: Tory Lysik/Axios Visualsin America, much of it is in majority-Black neighborhoods, thanks in large part to the legacy of structural racism. The average such home costs less than half the price of a house in areas where most people are non-Hispanic whites, which is one major driver of gentrification.
In comparison, the average non-Hispanic white family had a net worth of $983,400, of which $261,500, or 27%, was in the primary home.Between 2012 and 2022, the average house in a majority-Black neighborhood grew in value by $122,500, per . For houses in neighborhoods where most of the inhabitants are non-Hispanic whites, the increase over the same period was $230,000.The U.S. gained about $13 trillion in housing equity between February 2020 — just before the pandemic — and December 2022. Most of that increase was seen in the suburbs, as opposed to urban areas.
While urban housing in aggregate increased by $1.98 trillion in the three years to December 2022, suburban housing spiked in value by $7.46 trillion — almost four times as much. That helps explain the way in which Black homeowners are accumulating housing wealth more slowly than their white counterparts. 77% of majority-Black neighborhoods are in urban areas, compared with just 22% of neighborhoods where most owners are non-Hispanic whites.It's easy for those of us in big coastal cities to miss the broad facts of American housing. Urban homes in New York or Los Angeles are generally ludicrously expensive.
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