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Are Rising Home Values Restraining Homebuying for Lower-Income Families?

Author

Listed:
  • Neil Bhutta
  • Steven Laufer
  • Daniel R. Ringo

Abstract

Since bottoming out in 2012, house prices in the U.S. have recovered rapidly. According to Zillow, the median home value has been growing about 6 percent per year. While incomes have also been recovering, they have not quite kept pace with home prices. This note uses data reported under the Home Mortgage Disclosure Act (HMDA), along with income data from the ACS, and house price data from Zillow, to explore whether families in such areas, particularly lower-income families, are being priced out of homeownership as a result.

Suggested Citation

  • Neil Bhutta & Steven Laufer & Daniel R. Ringo, 2017. "Are Rising Home Values Restraining Homebuying for Lower-Income Families?," FEDS Notes 2017-09-28-2, Board of Governors of the Federal Reserve System (U.S.).
  • Handle: RePEc:fip:fedgfn:2017-09-28-2
    DOI: 10.17016/2380-7172.2078
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    File URL: https://www.federalreserve.gov/econres/notes/feds-notes/are-rising-home-values-restraining-home-buying-for-lower-income-families-20170928.htm
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