Quote:
Originally Posted by Crawford
Exactly. Probably many Bagley households have incomes comparable to their home values. Until 20 years ago, the strong majority of the region's professional class AAs lived in NW Detroit, and it's still probably the biggest regional concentration. Probably lots of lawyers, medical professionals, and managerial positions.
Many AA households have high incomes but low wealth related to white counterparts in the same income range, so don't have the same home budget. The fact that black neighborhoods don't appreciate in value much has been devastating for intergenerational black wealth. A Bagley home may only be worth 150k, but the first black household may have paid 75k for it back in 1970. In contrast I know very modest income white households living in multi-million dollar homes, thanks to home appreciation and intergenerational wealth transfers.
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What's stopping a household with full replacement value income (who presumably hold little mortgage debt) from moving into the next tier of neighbourhoods with better schools and safety?
Is it a cultural thing? You would think people would climb the housing ladder as their financial situation allowed, particularly because it's seen as a strong wealth accumulator.