A recent report by the Federal Reserve shows that from 2010 to 2013, the inflation-adjusted median home value for all homeowners declined 7%.
That recovery hasn’t been equal across at least three categories – whites, blacks and Latinos, according to the Economic Policy Institute.
EPI took public data from the Survey of Consumer Finances — which provide more detailed race categories — to highlight the stark differences among racial and ethnic groups in how housing lost and regained value for each.
Between 2010 and 2013, inflation-adjusted median home values fell by 4.6% for white households and 18.4% for black households, but increased by 3.7% for Latino households, EPI reports.
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Since respondents reported their highest home values in the 2007 survey, the median value reported by whites has declined 20.3%, compared to 37.7% for blacks and 25.8% for Latinos, EPI found.
“The sharp difference between blacks and Hispanics is a departure from prior years when changes in home values and homeownership rates for the two groups moved together,” the report states. “While blacks and Hispanics reported the same homeownership rate (44%) in 2013, the difference in home values could be related to geographic variation in the timing of the housing recovery.”
According to the S&P/Case-Shiller 20-city composite home price index, between 2010 and 2013 the largest increase in home values occurred in cities in the western region of the United States, where Latinos make up a larger share of the population.
Southern and Midwestern cities, where blacks are a larger share of the population, have seen less appreciation in home values over this period.