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Racial Housing Price Differentials and Neighborhood Segregation

Author

Listed:
  • Sebastien Box-Couillard
  • Peter Christensen

Abstract

We report evidence from the largest study of racial price differentials in the U.S. housing market, using a panel of 40 million repeat-sales transactions. We find that price premiums facing Black and Hispanic homebuyers are ubiquitous and systematically higher in neighborhoods with a larger share of non-white residents. We find that non-white buyers purchase at a premium when buying from sellers from outside their group. Consistent with predictions from theoretical models, we find higher premiums in supply-constrained markets. Leveraging exogenous variation in racial segregation, we find that racial segregation leads to larger price premiums paid by Black homebuyers.

Suggested Citation

  • Sebastien Box-Couillard & Peter Christensen, 2024. "Racial Housing Price Differentials and Neighborhood Segregation," NBER Working Papers 32815, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:32815
    Note: PE
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    More about this item

    JEL classification:

    • H0 - Public Economics - - General
    • R0 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General

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