Many first time homebuyers think that you have to pay your Realtor® a commission when you are looking to buy a home. The commissions are actually paid to the buyer’s agent by the seller not the
Median Home Values Decrease As Percentage Of Black Population Goes Up
Median Home Values Decrease as Percentage of Black Population Goes Up
In this age ofequality when the country has seen a Black President for two consecutive terms,it is really disturbing to find property prices impacted by demographics. But statistics don’t lie and an in-depth analysis of data available on Zillow proves this fact. One can see how themedian home prices decrease as the percentage of black population increases ina neighborhood.
You can see that the median list price and the median value of homes in a neighborhood where black population is negligible (0-1%) is the highest whereas it is the lowest when the black population is 50% or higher in a neighborhood. Medianlist price of homes in a neighborhood with least percentage of black populationis $341,155 whereas median list price of properties in a neighborhood with 50%black population is only $184,440.
There are many metropolitan areas around the country where this disparity in median homeprices is not so stark. At the same time, there are many metropolitan cities where this price difference is too significant to be ignored. The following graphic gives you an idea of the 10 metropolitan centers across the countrywhere the difference in median home prices between neighborhoods with very small black population and majority black population is the largest andsmallest.
From this graphic, you can see that the median sale price of a property in Bridgeport-Stanford-Norwalk Metropolitan Area in CT in a neighborhood with black majority population is $131,011 whereas median sale price in a neighborhood with less than 1% black population is $783,887. On the other extreme is Greenville-Anderson-Mauldin Metropolitan Area in SC where medianprice in black majority neighborhoods is $82,680 and it is only slightly higherat $114,743 in neighborhoods where black population is less than 1%.
Many expertsbelieve that the seeds of this racial wealth gap were sown by the government 80 years ago when authorities decided to color grade neighborhoods in 239 citiesacross the nation. This color coding was later described as Redlining. Itprompted lenders to discriminate against the residents. They either denied services or made them expensive for the residents of these neighborhoods. Redlining made it very difficult for minority groups to purchase homes and they lagged whites socially and economically. The lingering effects of redlining can be seen till today as more than two-thirds of the neighborhoods that were termed hazardous by authorities 80 years ago continue to be poor, inhabited by blacks and other minority groups.
I am a native central Floridian who prides herself on being a dynamic and empowering force in the community. My enthusiasm for helping others grow, through cooperative efforts, have made me a formid....