The suburbs emerged after WW2 to further enmesh white petty bourgeois and wealthier elements of the white working class into the imperial capitalist system. White flight was an opportunity; it offered these comfortable white cohorts a chance to become property owners and to escape the increasingly Black and Latine urban cores, which they associated with crime, violence and poverty.
Your Freddy Kreugers, your Friday the 13ths, your Stranger Things are all that violence coming back to pierce the suburban facade of homogenous safety. They're expressions of white petty boug' (and labor aristocracy's) fear of The Other, and a warning that the world past Elmdale Lane is hostile and best left unexplored.
Watch the OG Candyman if you haven't already, it's an interesting inversion of the white suburban horror and I think was a direct commentary regarding it.
I read an essay on it that argued that candyman was a horror movie about the intentional neglect and abandonment of socialized, racialized housing projects and the despair and horror that abandonment bred.
That is another valid interpretation as well, especially given our main character (a white woman) interacts with the mythology in a voyeuristic way when the community itself already knows full well the horror it suffers in and who's knowledge and warnings are left unheeded.
Leftist podcast "Generation Loss" did an episode on Candyman that examines this, worth listening to after a watch.