IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Login to save this paper or follow this series

The effects of the real estate bust on renter perceptions of homeownership

  • J. Michael Collins
  • Laura Choi
Registered author(s):

    After almost a decade of strong price appreciation, the housing market fell into a steep decline in 2007. By 2008, foreclosure filings on owner-occupied homes were surpassing record levels. Due to the housing downturn, fewer renters may aspire to own a home, which could have lasting implications for neighborhoods and household asset building. This study analyzes the impact of the housing downturn on renters’ intent to purchase a home, their perceptions of the risks and benefits of homeownership, and their interest in information and advice concerning homeownership. ; Based on a survey of 400 low- and moderate-income renters in the San Francisco Bay Area, most renters continue to aspire to homeownership, especially renters who are younger, who have higher incomes, and who speak English at home. In addition, lower-income and minority renters, as well as renters who reside in zip codes with greater exposure to foreclosures, have more negative perceptions of homeownership. Together, these findings indicate the housing downturn produced shifts in renters’ aspirations to own a home and the expected risks and benefits of owning a home that vary by residential location and demographic characteristics.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://www.frbsf.org/publications/community/wpapers/2010/wp2010-01.pdf
    Download Restriction: no

    Paper provided by Federal Reserve Bank of San Francisco in its series Community Development Investment Center Working Paper with number 2010-01.

    as
    in new window

    Length:
    Date of creation: 2010
    Date of revision:
    Handle: RePEc:fip:fedfcw:2010-01
    Contact details of provider: Postal: P.O. Box 7702, San Francisco, CA 94120-7702
    Phone: (415) 974-2000
    Fax: (415) 974-3333
    Web page: http://www.frbsf.org/
    Email:


    More information through EDIRC

    Order Information: Email:


    No references listed on IDEAS
    You can help add them by filling out this form.

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:fip:fedfcw:2010-01. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Diane Rosenberger)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.