Bridging the racial disparity in wealth creation in Milwaukee

N Kishor, Rebecca Konkel, Jangsu Yoon and Tian Zhao

MPRA Paper from University Library of Munich, Germany

Abstract: This paper investigates the persistent racial disparities in homeownership and wealth creation in Milwaukee. Despite past efforts, homeownership rates for Black and Hispanic households remain significantly lower compared to White households, contributing to wealth inequalities. We develop a Wealth Creation Index that highlights pronounced racial/ethnic disparities in wealth accumulation. The study identifies additional factors such as crime rates, proximity to quality schools, and lot size, which impact these disparities. Findings also reveal lower home value appreciation for minority and female homeowners, and the disproportionate negative effects of foreclosures on their properties. The research provides insights for informing public policy, guiding investments, and benchmarking interventions to address disparities and promote equitable homeownership.

Keywords: Housing return disparity; Machine Learning Models; Housing Market (search for similar items in EconPapers)
JEL-codes: C5 C50 R21 R28 R30 (search for similar items in EconPapers)
Date: 2023-06
New Economics Papers: this item is included in nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:117686

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