“Denial is a fixture of contemporary racial discourse. Reflecting segregation and the entrenched nature of white privilege, the efforts to deny through citing a mythical black middle-class, as if the black middle-class reveals some post-racial reality, defies the facts on the ground. It defies the realities of America’s housing situation.
A 2012 study entitled, Price Discrimination in the Housing Market, found that like the poor paying more for various goods and services, the black middle class pays more for a home:
No matter what the ultimate reason for the price premium, our results imply that systematic, robust racial differences in the price paid to buy a home – on the order of 3 percent on average in multiple major US markets – persist to the present day, long after many of the most overt forms of institutional discrimination have been eliminated. Considering the average purchase price paid by a black homebuyer in our sample is $177,000, this translates to an average premium of about $5,000 per transaction, a substantial amount given the average income of black households in these cities.
The costs of racism on the black middle-class are evident in the difficulty in securing home loans. For African American joining and remaining part of …” Read more
Re-scooped from: http://innerstandingisness.wordpress.com