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Of about 23 percent, relative to similar homes in similar white neighborhoods. But in Rochester, N.Y., the city with the highest levels of devaluation, the typical home in a majority-black neighborhood is worth 65 percent less than a similar home in a similar white neighborhood. By contrast, in a small number of cities, black homeowners actually enjoy a price premium relative to homes in majority-white neighborhoods. In Boston, for instance, that premium works out to a gain of about 23 percent. “If we can detect how much racism depletes wealth from black homeowners, we can begin to address bigotry principally by giving black homeowners and policymakers target.
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