Racial and ethnic differences in the financial returns to home purchases
利用HMDA和Zillow数据，研究了不同种族和民族购房者在2010-2022年间住房投资回报的差异，发现全美范围内亚裔回报最高，而加州和洛杉矶的黑人回报均值与其他群体相近但波动更大。
Abstract The racial and ethnic composition of home buyers varies across geographic locations. Since home prices grow at different rates across counties and within counties, these place‐based bets yield different average rates of return for different demographic groups. I estimate these differential returns by combining micro data from Home Mortgage Disclosure Act (HMDA) with zip‐code‐level data from Zillow. Based on this index of housing returns from 2010 to 2022, I find that at the national level that Asian buyers earn higher returns than other groups. For California buyers and for Los Angeles buyers, Black people earn roughly the same average rate of return but face a higher standard deviation in returns than other groups.