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

  • William J. Collins

    ()

    (Department of Economics, Vanderbilt University)

  • Robert A. Margo

    ()

    (Department of Economics, Vanderbilt University)

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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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
Contact details of provider: Web page: http://www.vanderbilt.edu/econ/wparchive/index.html

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  10. Richard K. Green & Michelle J. White, 1994. "Measuring the Benefits of Homeowning: Effects on Children," Wisconsin-Madison CULER working papers 94-05, University of Wisconsin Center for Urban Land Economic Research.
  11. 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.
  12. Lang William W. & Nakamura Leonard I., 1993. "A Model of Redlining," Journal of Urban Economics, Elsevier, vol. 33(2), pages 223-234, March.
  13. Francine D. Blau & John W. Graham, 1990. "Black-White Differences in Wealth and Asset Composition," The Quarterly Journal of Economics, Oxford University Press, vol. 105(2), pages 321-339.
  14. Jeff Grogger & Mike Willis, 1998. "The Introduction of Crack Cocaine and the Rise in Urban Crime Rates," NBER Working Papers 6353, National Bureau of Economic Research, Inc.
  15. Heckman, James, 2013. "Sample selection bias as a specification error," Applied Econometrics, Publishing House "SINERGIA PRESS", vol. 31(3), pages 129-137.
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  17. Robert A. Margo, 1983. "Accumulation of Property by Southern Blacks Before World War I: Commentand Further Evidence," NBER Working Papers 1200, National Bureau of Economic Research, Inc.
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  20. Jacob L. Vigdor, 2002. "Locations, Outcomes, and Selective Migration," The Review of Economics and Statistics, MIT Press, vol. 84(4), pages 751-755, November.
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  22. Janice F. Madden, 2000. "Changes in Income Inequality within U.S. Metropolitan Areas," Books from Upjohn Press, W.E. Upjohn Institute for Employment Research, number cii, November.
  23. Collins, William J. & Margo, Robert A., 2001. "Race and Home Ownership: A Century-Long View," Explorations in Economic History, Elsevier, vol. 38(1), pages 68-92, January.
  24. 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.
  25. Higgs, Robert, 1982. "Accumulation of Property by Southern Blacks before World War I," American Economic Review, American Economic Association, vol. 72(4), pages 725-37, September.
  26. Long, James E & Caudill, Steven B, 1992. "Racial Differences in Homeownership and Housing Wealth, 1970-1986," Economic Inquiry, Western Economic Association International, vol. 30(1), pages 83-100, January.
  27. Suzanne Bianchi & Reynolds Farley & Daphne Spain, 1982. "Racial inequalities in housing: An examiation of recent trends," Demography, Springer;Population Association of America (PAA), vol. 19(1), pages 37-51, February.
  28. 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.
  29. Edward N. Wolff, 1998. "Recent Trends in the Size Distribution of Household Wealth," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 131-150, Summer.
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