Racial Disparities in Housing Returns

We thank seminar participants at the 2022 ASSA Annual Meeting, Dartmouth College, the 2022 EEA-ESEM Congress, the Federal Reserve Banks of Atlanta, Dallas, Minneapolis, and Philadelphia, INSEAD, the Jackson Hole Finance Group Conference, MIT Sloan, NBER Public Economics Program Meeting, the NBER conference on Innovative Data on Household Finance, NYU, Opportunity Insights, Southern Methodist University, the Stanford SITE Conference on Housing and Urban Economics, the University of Bonn, the University of Chicago Booth School of Business, UCLA, the University of Illinois Urbana-Champaign, and Wake Forest University for valuable comments and suggestions. We are particularly grateful to John Friedman, Peter Ganong, Kristopher Gerardi, Christopher Palmer, Sophia Gilbukh, Paul Goldsmith-Pinkham, Ingrid Haegele, Barney Hartman-Glaser, Paulo Issler, Krisztina Orban, Troup Howard, Pierre Mabille, Jonathan Parker, James Poterba, David Romer, Stephen Ross, Emmanuel Saez, Juan Carlos Suarez Serrato, Lawrence Schmidt, Antoinette Schoar, Joachim Winter, and Danny Yagan. We thank Calvin Wright for excellent research assistance. We thank Daniel Hartley, Brian Melzer, and Atif Mian for generously sharing data. This work was supported by the Fisher Center for Real Estate and Urban Economics at UC Berkeley and the National Institute on Aging, Grant Number T32-AG000186. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• September 29, 2021