Homeownership Gaps Among Low-Income and Minority Households
AbstractWhile homeownership rates currently stand at historically high levels for all segments of the U.S. population, large gaps are present comparing various groups of the population. As of the third quarter of 2006, the non-Hispanic white homeownership rate was 76 percent while black and Hispanic homeownership rates were below 50 percent, and the Asian rate was 60 percent. The ownership gap between black and white households is larger in 2006 than 1990, while that between Hispanics and whites is only slightly smaller. Households with very-low income had a homeownership rate that was 37 percentage points below the rate for high-income households. These gaps have changed little over the last 50 years. The primary goal of this study is to synthesize what is known about the determinants of gaps in homeownership rates by income, racial, and ethnic status. We first present a conceptual framework for analyzing the determinants of homeownership. We then review the literature that identifies the relative importance of various contributing factors to observed homeownership gaps, separating the factors into those that are observed and those that are part of an unexplained residual that represents unmeasured factors such as discrimination, lack of information about the home buying and mortgage financing process, and omitted socio-economic variables.
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Bibliographic InfoPaper provided by Ohio State University, Department of Economics in its series Working Papers with number 07-02.
Length: 52 pages
Date of creation: Jan 2007
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Find related papers by JEL classification:
- J1 - Labor and Demographic Economics - - Demographic Economics
- J7 - Labor and Demographic Economics - - Labor Discrimination
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
- R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-04-09 (All new papers)
- NEP-SEA-2007-04-09 (South East Asia)
- NEP-URE-2007-04-09 (Urban & Real Estate Economics)
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- Carrillo, Paul & Yezer, Anthony, 2009.
"Alternative measures of homeownership gaps across segregated neighborhoods,"
Regional Science and Urban Economics,
Elsevier, vol. 39(5), pages 542-552, September.
- Paul Carrillo & Anthony Yezer, 2008. "Alternative Measures of Homeownership Gaps Across Segregated Neighboorhoods," Working Papers 2008-07, The George Washington University, Institute for International Economic Policy.
- Ihlanfeldt, Keith & Mayock, Tom, 2009. "Price discrimination in the housing market," Journal of Urban Economics, Elsevier, vol. 66(2), pages 125-140, September.
- Yelowitz, Aaron & Scott, Frank & Beck, Jason, 2011. "The market for real estate brokerage services in low- and high-income neighborhoods: A 6 city study," MPRA Paper 35608, University Library of Munich, Germany.
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