While property values and their appreciation in inner‐city neighborhoods with high proportions of minorities have been analyzed, not much systematic research has been undertaken on property values and their appreciation in minority suburbs. This article investigates differences among First Suburban census tracts, including property values, factors that have influenced property values and appreciation rates, by analyzing census tracts within select counties across the United States with Weighted Least Squares (WLS) regressions. Based on the results of this investigation, it is concluded that the assumption that homeownership in the First Suburbs automatically leads to a high appreciation rate needs to be differentiated.