African-American and Hispanic homebuyers pay more for homes than white and Asian buyers, according to research by four economists—and the biggest differential they found in the four cities they studied is for black buyers in Cook County, Illinois. Over the past 18 years , home buyers who are Latino and black paid 3.5 percent more than white home buyers for comparable homes in Los Angeles, Chicago, San Francisco and Washington, D.C. The study tracked more than two million housing transactions in those cities. But in Cook County, Blacks pay 5.4 percent more than whites, according to the study titled “Estimating Racial Price Differentials in the Housing Market.” The 3.5 percent actually translates to $5,000 to $10,000 per sale. Multiply that amount with the average number of times Americans move, every five to seven years, and you will come to a substantial amount . On the median transaction price of $179,999, the study notes, blacks in Chicago and ...
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