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Race and the Value of Owner-Occupied Housing, 1940-1990

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  • William J. Collins

    ()
    (Department of Economics, Vanderbilt University)

  • Robert A. Margo

    ()
    (Department of Economics, Vanderbilt University)

Abstract

This paper begins by documenting racial convergence in the value of owner-occupied housing from 1940 to 1990. Most of this convergence occurred before 1970, as black and white home owners became more similar in terms of household and housing characteristics that were positively correlated with housing values. The post-1970 story is rather less encouraging. During the 1970s, convergence in housing values stalled, and in fact, the "unexplained" portion of the value gap increased. We explore the post-1970 experience from a variety of perspectives. We examine the changing connection between residential segregation and the racial value gap; we document trends in the correlation between income and central-city residence; and we explore the correlation between riots in the 1960s and the racial gap in housing values thereafter.

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File URL: http://www.accessecon.com/pubs/VUECON/vu00-w25R.pdf
File Function: Revised version, 2001
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Bibliographic Info

Paper provided by Vanderbilt University Department of Economics in its series Vanderbilt University Department of Economics Working Papers with number 0025.

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Date of creation: Jul 2000
Date of revision: Feb 2001
Handle: RePEc:van:wpaper:0025

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Web page: http://www.vanderbilt.edu/econ/wparchive/index.html

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  1. Margo, Robert A., 1992. "Explaining the postwar suburbanization of population in the United States: The role of income," Journal of Urban Economics, Elsevier, vol. 31(3), pages 301-310, May.
  2. Green, Richard K. & White, Michelle J., 1997. "Measuring the Benefits of Homeowning: Effects on Children," Journal of Urban Economics, Elsevier, vol. 41(3), pages 441-461, May.
  3. Ihlanfeldt, Keith R. & Martinez-Vazquez, Jorge, 1986. "Alternative value estimates of owner-occupied housing: Evidence on sample selection bias and systematic errors," Journal of Urban Economics, Elsevier, vol. 20(3), pages 356-369, November.
  4. Kain, John F & Quigley, John Michael, 1972. "Housing Market Discrimination, Homeownership, and Savings Behavior," American Economic Review, American Economic Association, American Economic Association, vol. 62(3), pages 263-77, June.
  5. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  6. Edward N. Wolff, 1998. "Recent Trends in the Size Distribution of Household Wealth," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 12(3), pages 131-150, Summer.
  7. David M. Cutler & Edward L. Glaeser & Jacob L. Vigdor, 1999. "The Rise and Decline of the American Ghetto," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 107(3), pages 455-506, June.
  8. Francine D. Blau & John W. Graham, 1990. "Black-White Differences in Wealth and Asset Composition," NBER Working Papers 2898, National Bureau of Economic Research, Inc.
  9. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Publishing House "SINERGIA PRESS", Publishing House "SINERGIA PRESS", vol. 31(3), pages 129-137.
  10. Margo, Robert A, 1984. "Accumulation of Property by Southern Blacks before World War I: Comment and Further Evidence," American Economic Review, American Economic Association, American Economic Association, vol. 74(4), pages 768-76, September.
  11. Donohue, John J, III & Heckman, James, 1991. "Continuous versus Episodic Change: The Impact of Civil Rights Policy on the Economic Status of Blacks," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 29(4), pages 1603-43, December.
  12. Collins, William J. & Margo, Robert A., 2000. "Residential segregation and socioeconomic outcomes: When did ghettos go bad?," Economics Letters, Elsevier, Elsevier, vol. 69(2), pages 239-243, November.
  13. Goodman, Allen C. & Thibodeau, Thomas G., 1998. "Housing Market Segmentation," Journal of Housing Economics, Elsevier, Elsevier, vol. 7(2), pages 121-143, June.
  14. Cutler, David M & Glaeser, Edward L, 1997. "Are Ghettos Good or Bad?," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 112(3), pages 827-72, August.
  15. Denice DiPasquale & Edward L. Glaeser, 1997. "Incentives and Social Capital: Are Homeowners Better Citizens?," Harvard Institute of Economic Research Working Papers, Harvard - Institute of Economic Research 1815, Harvard - Institute of Economic Research.
  16. Bound, John & Holzer, Harry J, 2000. "Demand Shifts, Population Adjustments, and Labor Market Outcomes during the 1980s," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 18(1), pages 20-54, January.
  17. William J.Collins & Robert A. Margo, 2000. "Race and Home Ownership: A Century-Long View," Vanderbilt University Department of Economics Working Papers, Vanderbilt University Department of Economics 0012, Vanderbilt University Department of Economics.
  18. Smith, James P & Welch, Finis R, 1989. "Black Economic Progress after Myrdal," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 27(2), pages 519-64, June.
  19. Lang William W. & Nakamura Leonard I., 1993. "A Model of Redlining," Journal of Urban Economics, Elsevier, vol. 33(2), pages 223-234, March.
  20. Long, James E & Caudill, Steven B, 1992. "Racial Differences in Homeownership and Housing Wealth, 1970-1986," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 30(1), pages 83-100, January.
  21. Janice F. Madden, 2000. "Changes in Income Inequality within U.S. Metropolitan Areas," Books from Upjohn Press, W.E. Upjohn Institute for Employment Research, W.E. Upjohn Institute for Employment Research, number cii.
  22. Jacob L. Vigdor, 2002. "Locations, Outcomes, and Selective Migration," The Review of Economics and Statistics, MIT Press, vol. 84(4), pages 751-755, November.
  23. Timur Kuran, 1989. "Sparks and prairie fires: A theory of unanticipated political revolution," Public Choice, Springer, Springer, vol. 61(1), pages 41-74, April.
  24. DiPasquale, Denise & Glaeser, Edward L., 1998. "The Los Angeles Riot and the Economics of Urban Unrest," Journal of Urban Economics, Elsevier, vol. 43(1), pages 52-78, January.
  25. Grossman, Herschel I, 1991. "A General Equilibrium Model of Insurrections," American Economic Review, American Economic Association, American Economic Association, vol. 81(4), pages 912-21, September.
  26. William J. Collins, 2001. "Race, Roosevelt, and Wartime Production: Fair Employment in World War II Labor Markets," American Economic Review, American Economic Association, American Economic Association, vol. 91(1), pages 272-286, March.
  27. Higgs, Robert, 1982. "Accumulation of Property by Southern Blacks before World War I," American Economic Review, American Economic Association, American Economic Association, vol. 72(4), pages 725-37, September.
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Citations

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Cited by:
  1. Tamura, Robert & Simon, Curtis & Murphy, Kevin M., 2012. "Black and White Fertility, Differential Baby Booms: The Value of Civil Rights," MPRA Paper 40921, University Library of Munich, Germany.
  2. Deborah A. Cobb-Clark & Mathias G. Sinning, 2009. "Neighborhood Diversity and the Appreciation of Native- and Immigrant-Owned Homes," CEPR Discussion Papers, Centre for Economic Policy Research, Research School of Economics, Australian National University 624, Centre for Economic Policy Research, Research School of Economics, Australian National University.
  3. William J. Collins & Robert A. Margo, 2001. "Race and Home Ownership in Twentieth Century America: The Role of Sample Composition," Vanderbilt University Department of Economics Working Papers, Vanderbilt University Department of Economics 0110, Vanderbilt University Department of Economics.
  4. Boustan, Leah P. & Margo, Robert A., 2013. "A silver lining to white flight? White suburbanization and African–American homeownership, 1940–1980," Journal of Urban Economics, Elsevier, vol. 78(C), pages 71-80.
  5. Fesselmeyer, Eric & Le, Kien T. & Seah, Kiat Ying, 2013. "Changes in the white–black house value distribution gap from 1997 to 2005," Regional Science and Urban Economics, Elsevier, Elsevier, vol. 43(1), pages 132-141.

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