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Have the Doors Opened Wider? Trends in Homeownership Rates by Race and Income

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  • Bostic, Raphael W
  • Surette, Brian J
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    Abstract

    Homeownership among U.S. families increased notably in recent years, from 63 percent in 1989 to 66.2 percent in 1998. This article examines this trend and the factors contributing to it. We find that (1) homeownership rose for all racial, ethnic, and income groups; (2) the differences in homeownership between minority and nonminority families and between middle-income and lower-income families declined significantly; and (3) changes in family-related characteristics explain homeownership trends among only the top two income quintiles. Among the lower two income quintiles, family-related characteristics explain almost none of the increase in homeownership. This pattern suggests that the favorable economic climate of the last decade, changes in mortgage and housing markets, and changes in the regulations governing those markets account for the increase in homeownership among lower-income families. Copyright 2001 by Kluwer Academic Publishers

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    Bibliographic Info

    Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

    Volume (Year): 23 (2001)
    Issue (Month): 3 (November)
    Pages: 411-34

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    Handle: RePEc:kap:jrefec:v:23:y:2001:i:3:p:411-34

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    Web page: http://www.springerlink.com/link.asp?id=102945

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    Cited by:
    1. Ron Feldman, 2002. "Mortgage rates, homeownership rates, and government-sponsored enterprises," Annual Report, Federal Reserve Bank of Minneapolis, pages 4-23.
    2. Coulson, N. Edward & Dalton, Maurice, 2010. "Temporal and ethnic decompositions of homeownership rates: Synthetic cohorts across five censuses," Journal of Housing Economics, Elsevier, vol. 19(3), pages 155-166, September.
    3. Jian Chen & David H. Downs, 2013. "Property Tax and Tenure Choice: Implications for China," International Real Estate Review, Asian Real Estate Society, vol. 16(3), pages 323-343.
    4. Irina Barakova & Raphael Bostic & Paul Calem & Susan Wachter, . "Does Credit Quality Matter for Homeownership?," Zell/Lurie Center Working Papers 410, Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania.
    5. Turner, Tracy M. & Luea, Heather, 2009. "Homeownership, wealth accumulation and income status," Journal of Housing Economics, Elsevier, vol. 18(2), pages 104-114, June.
    6. Mark Doms & John Krainer, 2007. "Innovations in mortgage markets and increased spending on housing," Working Paper Series 2007-05, Federal Reserve Bank of San Francisco.
    7. Song Han, 2011. "Creditor Learning and Discrimination in Lending," Journal of Financial Services Research, Springer, vol. 40(1), pages 1-27, October.
    8. Fesselmeyer, Eric & Le, Kien T. & Seah, Kiat Ying, 2012. "A household-level decomposition of the white–black homeownership gap," Regional Science and Urban Economics, Elsevier, vol. 42(1-2), pages 52-62.

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