Blacks hurt by gap in home values

The Chicago Sun-Times reports racial disparities in home values in Chicago, and makes the point that "Haynes and many other black homeowners have long suspected that home values in black neighborhoods don't appreciate as fast as they do in white neighborhoods. Now, new research shows that not only do African-American homeowners typically get less when they sell their homes, but the disparity is feeding a growing wealth gap between blacks and whites."

I don't know Chicago very well, so I can't comment with any sense of authority about this. I will say that this supports my general point about historic preservation, and why residents of all races should support it, at least in DC.

1. Houses that maintain their architectural integrity tend to be valued more highly than houses that have their architectural integrity diminished, especially in historic districts.
2. Houses in historic districts tend to be valued more highly than equivalent houses that are not in designated historic districts.
3. Houses tend to comprise the most significant proportion of a household's (family's) wealth.

Because maximizing the value of a house tends to maximize a family's wealth, historic preservation adds value financially, not just in terms of a variety of other values that maintain and extend neighborhood livability.

For more information about this generally, I suggest reading Don Rypkema's paper, "Economic Power of Historic Preservation," and for more information about this specific to DC, I suggest reading another Rypkema paper, "Historic Preservation's Role in DC's Future."


Images from the Chicago Sun Times.