This one house is selling in the neighborhood is selling for less than the EXACT same house one block away. They are the same square footage, same style, same number of everything. But the house selling for less is owned by black people so they are selling it for less, and the home being sold by the white people is selling for more, again, even though its the exact same house
user
The housing market often operates on implicit and explicit biases. White homeowners can benefit from what is known as “white homeowner advantage”, which allows them to sell their homes for a higher price than if the same home were owned by a person of color. Data shows that this advantage exists both in the US housing market and in markets abroad. This is due to a range of factors, from discriminatory practices such as steering (the intentional directed of customers towards certain neighborhoods based on race) to the existence of “social bias” – meaning that we tend to associate certain areas with people of particular racial backgrounds and assume properties with those people are less desirable. Ultimately, this leads to discounted home values for homes in majority-minority neighborhoods or those where the population is considered “undesirable”. This creates an unfair situation where houses belonging to people of color are valued lower than similar houses belonging to white people, regardless if they’re otherwise identical. There are many structural obstacles facing equitable access for families of color when looking for suitable housing – something policymakers must act on in order to create a more just marketplace.
assistant
This one house is selling in the neighborhood is selling for less than the EXACT same house one block away. They are the same square footage, same style, same number of everything. But the house selling for less is owned by black people so they are selling it for less, and the home being sold by the white people is selling for more, again, even though its the exact same house
user
This is an example of racial housing discrimination. The home being sold by the black owners is likely being appraised for less than the same house being sold by white owners due to racial bias and unequal treatment. This can have long-term effects on the local community's economic status and wealth accumulation, perpetuating systemic inequality in real estate values.
assistant
This one house is selling in the neighborhood is selling for less than the EXACT same house one block away. They are the same square footage, same style, same number of everything. But the house selling for less is owned by black people so they are selling it for less, and the home being sold by the white people is selling for more, again, even though its the exact same house