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Wealth Accumulation and Homeownership: Evidence for Low-Income Households

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Author Info
HUD – PD&R
Abstract

Historically the Federal government has promoted homeownership in a variety of ways. Alphonso Jackson, Secretary of Housing and Urban Development (HUD), has reaffirmed that one of his top priorities is the expansion of homeownership opportunities to low-income families. The rationale for the national emphasis on homeownership is the widely held belief that homeownership benefits individuals and society in a fundamental way. The notion of the house as an asset, particularly for lower to middle income families that can afford to purchase a home, is central to this emphasis. This report considers one channel through which it is hypothesized that these benefits are delivered. The impact of homeownership on the wealth position of households (over the period 1984-1992) is estimated, and compared to non-housing wealth. The analysis is based not only upon individual household data but also incorporates neighborhood characteristics. Our results are encouraging for policies designed to increase low-income homeownership. Lower income households appear to be served well by homeownership.

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Paper provided by HUD USER, Economic Development in its series Economic Development Publications with number 39045.

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Length: 46 pages
Date of creation: Dec 2004
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Handle: RePEc:hud:wpaper:39045

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D6 - Microeconomics - - Welfare Economics

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  1. William N. Goetzmann & Matthew I. Spiegel, 2000. "The Policy Implications of Portfolio Choice in Underserved Mortgage Markets," Yale School of Management Working Papers ysm161, Yale School of Management. [Downloadable!]
  2. Boehm, Thomas P. & Schlottmann, Alan M., 2004. "The dynamics of race, income, and homeownership," Journal of Urban Economics, Elsevier, vol. 55(1), pages 113-130, January. [Downloadable!] (restricted)
  3. Keith Ray Ihlanfeldt, 1980. "An Intertemporal Empirical Analysis of the Renter's Decision to Purchase a Home," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 8(2), pages 180-197. [Downloadable!] (restricted)
  4. Gyourko, Joseph & Linneman, Peter & Wachter, Susan, 1999. "Analyzing the Relationships among Race, Wealth, and Home Ownership in America," Journal of Housing Economics, Elsevier, vol. 8(2), pages 63-89, June. [Downloadable!] (restricted)
  5. Karl E. Case & Maryna Marynchenko, 2002. "Home price appreciation in low- and moderate-income markets," Communities and Banking, Federal Reserve Bank of Boston, issue Spr, pages 8-12. [Downloadable!]
  6. Boehm, Thomas P., 1993. "Income, Wealth Accumulation, and First-Time Homeownership: An Intertemporal Analysis," Journal of Housing Economics, Elsevier, vol. 3(1), pages 16-30, December. [Downloadable!] (restricted)
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