Homes in White neighborhoods are being appraised at higher values than in communities of color, new report finds
For communities of color, there is a housing crisis: white neighborhoods are worth more than color-coordinated communities
SCHENECTADY, NJ — While New Jersey ranks 30th in the U.S. economy for median home values, according to the New Jersey Housing & Mortgage data, more than 30 percent of homes in the Garden State are worth less than their appraised value in white communities, according to a report released today.
“The housing market is not as white-bread as many people might think,” said the study by the Center for American Progress and the Urban Institute. “In fact, the New Jersey economy is more white-bread than the economy in many other states.”
“The housing market is not as white-bread as many people might think. In fact, the New Jersey economy is more white-bread than the economy in many other states.”
“Home values are not the only factor when it comes to homeownership, and they are certainly not the only factor when it comes to home and wealth formation,” said Dr. Jason Stein, director of the Center for American Progress and president of the Urban Institute.
The report — The Truth About Color-Based Communities of New Jersey — presents the nation’s most comprehensive analysis of home values, wealth and racial segregation in predominantly white communities across the state. The analysis is based on a review of homeownership rates, home values, census data and Census tract data.
“When we look at the data for communities where racial segregation is low, white neighborhoods are worth more than the color-coordinated communities,” said Stein, who is the co-author of the report. “Most importantly, we want to know when that’s the case. What about when it’s not?”
A study by the Center for American Progress and the New Jersey State Alliance to End Homelessness found