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Long-Term Impacts of Individual Development Accounts on Homeownership among Baseline Renters: Follow-Up Evidence from a Randomized Experiment

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  • Grinstein-Weiss, Michal
  • Sherraden, Michael
  • Gale, William G.
  • Rohe, William
  • Schreiner, Mark
  • Key, Clinton

Abstract

We examine the long-term effects of a 1998–2003 randomized experiment in Tulsa, Oklahoma with Individual Development Accounts that offered low-income households 2:1 matching funds for housing down payments. Prior work shows that, among households who rented in 1998, homeownership rates increased more through 2003 in the treatment group than for controls. We show that control group renters caught up rapidly with the treatment group after the experiment ended. As of 2009, the program had an economically small and statistically insignificant effect on homeownership rates, the number of years respondents owned homes, home equity, and foreclosure activity among baseline renters.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 55058.

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Date of creation: Feb 2013
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Publication status: Published in American Economic Journal: Economic Policy 1.5(2013): pp. 122-145
Handle: RePEc:pra:mprapa:55058

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Keywords: housing market; social policy; economic performance;

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  1. Engelhardt, Gary V. & Kumar, Anil, 2007. "Employer matching and 401(k) saving: Evidence from the health and retirement study," Journal of Public Economics, Elsevier, Elsevier, vol. 91(10), pages 1920-1943, November.
  2. Erik Hurst & James P. Ziliak, 2004. "Do Welfare Asset Limits Affect Household Saving? Evidence from Welfare Reform," NBER Working Papers 10487, National Bureau of Economic Research, Inc.
  3. Nava Ashaf & Dean Karlan & Wesley Yin, 2004. "Tying odysseus to the mast: Evidence from a commitment savings product in the philippines," Natural Field Experiments, The Field Experiments Website 00206, The Field Experiments Website.
  4. Eric M. Engen & William G. Gale & John Karl Scholz, 1996. "The Illusory Effects of Saving Incentives on Saving," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 10(4), pages 113-138, Fall.
  5. Dietz, Robert D. & Haurin, Donald R., 2003. "The social and private micro-level consequences of homeownership," Journal of Urban Economics, Elsevier, vol. 54(3), pages 401-450, November.
  6. Mills, Gregory & Gale, William G. & Patterson, Rhiannon & Engelhardt, Gary V. & Eriksen, Michael D. & Apostolov, Emil, 2008. "Effects of individual development accounts on asset purchases and saving behavior: Evidence from a controlled experiment," Journal of Public Economics, Elsevier, Elsevier, vol. 92(5-6), pages 1509-1530, June.
  7. Raphael W. Bostic & Kwan Ok Lee, 2008. "Mortgages, Risk, and Homeownership among Low- and Moderate-Income Families," American Economic Review, American Economic Association, American Economic Association, vol. 98(2), pages 310-14, May.
  8. Grinstein-Weiss, Michal & Sherraden, Michael & Gale, William G. & Rohe, William & Schreiner, Mark & Key, Clinton, 2013. "Long-Term Impacts of Individual Development Accounts on Homeownership among Baseline Renters: Follow-Up Evidence from a Randomized Experiment," MPRA Paper 55058, University Library of Munich, Germany.
  9. James M. Poterba & Steven F. Venti & David A. Wise, 1996. "How Retirement Saving Programs Increase Saving," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 10(4), pages 91-112, Fall.
  10. Robert E. Hall, 1981. "Intertemporal Substitution in Consumption," NBER Working Papers 0720, National Bureau of Economic Research, Inc.
  11. Engelhardt, Gary V. & Eriksen, Michael D. & Gale, William G. & Mills, Gregory B., 2010. "What are the social benefits of homeownership? Experimental evidence for low-income households," Journal of Urban Economics, Elsevier, vol. 67(3), pages 249-258, May.
  12. Emmanuel Saez, 2009. "Details Matter: The Impact of Presentation and Information on the Take-Up of Financial Incentives for Retirement Saving," American Economic Journal: Economic Policy, American Economic Association, American Economic Association, vol. 1(1), pages 204-28, February.
  13. Engelhardt, Gary V, 1996. "Tax Subsidies and Household Saving: Evidence from Canada," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 111(4), pages 1237-68, November.
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Cited by:
  1. Grinstein-Weiss, Michal & Sherraden, Michael & Gale, William G. & Rohe, William & Schreiner, Mark & Key, Clinton, 2013. "Long-Term Impacts of Individual Development Accounts on Homeownership among Baseline Renters: Follow-Up Evidence from a Randomized Experiment," MPRA Paper 55058, University Library of Munich, Germany.

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