Some have questioned the financial wisdom of homeownership and, especially, Black homeownership. This is understandable because the mortgage crisis dealt heavy blows to Black homeowners. One concern is that home values may not appreciate as much where Blacks purchase homes. We examine how Black homebuyers fared compared to White and Latino buyers in terms of home appreciation during the 2012 to 2017 recovery. We examine appreciation rates by race and ethnicity across 15 metros. We then estimate the relationship between appreciation and the race and ethnicity of the homebuyer, as well as characteristics of the neighborhood where the home is purchased. We find Blacks saw higher appreciation rates than Whites in high– and medium–appreciation metros, but not in low–appreciation metros. We also find that in medium– and high–appreciation metros, buyers in racially diverse neighborhoods tended to see higher levels of appreciation. Also in higher–appreciation metros, those buying in lower–income neighborhoods tended to see higher appreciation rates, while those in low–appreciation metros did not.

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危机后的黑人购房：十五大都市区的升值模式

有些人质疑房屋所有权的财务智慧，尤其是黑人房屋所有权。这是可以理解的，因为抵押贷款危机对黑人房主造成了沉重打击。一种担忧是，在黑人购买房屋的地方，房屋价值可能不会升值。我们研究了黑人购房者与白人和拉丁裔购房者相比，在 2012 年至 2017 年复苏期间的房屋增值方面的表现。我们研究了 15 个大都市按种族和民族划分的升值率。然后，我们估计升值与购房者的种族和民族之间的关系，以及购买房屋所在社区的特征。我们发现黑人在高升值和中等升值都市中的升值率高于白人，但在低升值都市中则不然。我们还发现，在中高欣赏度的都市圈中，种族多元化社区的买家往往会看到更高水平的升值。同样在升值率较高的大都市，那些在低收入社区购买的人往往会看到更高的升值率，而在低升值都市中的人则没有。