Your home and its value are what gives many Americans a step up on the economic ladder. But if you’re writing about home values, you need to know that this is a troubling reality for many black families.
Why?
Too often, homes in black communities lag behind in value, and all too often that is what black children inherit, along with a home that is needing repairs.
Here are several articles that explain this:
- From Forbes: “How Home Ownerships Keeps Black Poorer Than Whites”
- From Slate: “The Black and White Wealth Gap is Bigger Than You Think”
So, how do we apply these theories to the Chicago area?
Consider a newly released report by the DePaul Institute for Housing Studies, which shows the imbalance in home value increases suffered by some Chicago area communities.
Take the media increase in value between 200) and 2015 for single-family homes in two communities that have a number of black middle-class families:
- In Auburn Gresham/Chatham, there was a median increase of $3,840 in value.
- But in West Town/Near West Side area, the increase was $418,872.
Check out the report on Chicago and Cook County communities, which also points to significant declines in some largely black suburban communities.
Questions? Call us at 312-369-6400.