Tuesday, May 3, 2016

Washington Post: The divided American dream

This story surely happens everywhere. An area that mostly contains Black residents are devalued.
When the new subdivisions were rising everywhere here in the 1990s and early 2000s, with hundreds and hundreds of fine homes on one-acre lots carved out of the Georgia forest, the price divide between this part of De­Kalb County and the northern part wasn’t so vast.

Now, a house that looks otherwise identical in South DeKalb, on the edge of Atlanta, might sell for half what it would in North DeKalb. The difference has widened over the years of the housing boom, bust and recovery, and Wayne Early can’t explain it.

The people here make good money, he says. They have good jobs. Their homes are built of the same sturdy brick. Early, an economic development consultant and real estate agent, can identify only one obvious difference that makes property here worth so much less.

“This can’t happen by accident,” he says. “It’s too tightly correlated with race for it to be based on something else.”

The communities in South DeKalb are almost entirely African American, and they reflect a housing disparity that emerges across the Atlanta metropolitan area and the nation. According to a new Washington Post analysis, the higher a Zip code’s share of black residents in the Atlanta region, the worse its housing values have fared over the past turbulent housing cycle.
Nationwide, home values in predominantly African American neighborhoods have been the least likely to recover. Across the 300 largest U.S. metropolitan areas, homes in 4 out of 10 Zip codes where blacks are the largest population group are worth less than they were in 2004. That’s twice the rate for mostly white Zip codes across the country. Across metropolitan Atlanta, nearly 9 in 10 largely black Zip codes still have home values below that point 12 years ago.

And in South DeKalb, the collapse has been even worse. In some Zip codes, home values are still 25 percent below what they were then. Families here, who’ve lost their wealth and had their life plans scrambled, see neighborhoods in the very same county — mostly white neighborhoods — thriving.

“I don’t think it’s anything local residents did that caused that to happen,” Early says. “I think it’s all outside forces that did this.”
I think this is definitely worth a read. Is this happening in the city?

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