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The Higher Price of Mortgage Financing for Native Americans

Author

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  • Laura Cattaneo
  • Donna Feir

Abstract

A?ordable access to capital and quality housing is a challenge facing Native Americans. In this paper, we demonstrate that mortgage loans with Native Americans as the primary borrower are systematically more likely to be higher-priced. These loans have an average interest rate nearly 2 percentage points above the average loan for non-Native Americans. We also demonstrate that these higher-priced home loans are predominately found on reservation lands and that manufactured homes account for nearly 25 percent to 35 percent of the di?erence in the cost of ?nancing. These results potentially suggest that without other institutional market reforms, promoting homeownership as a method of increasing Native American equity and assets may be less e?ective than for other populations.

Suggested Citation

  • Laura Cattaneo & Donna Feir, 2019. "The Higher Price of Mortgage Financing for Native Americans," Center for Indian Country Development series 4-2019, Federal Reserve Bank of Minneapolis.
  • Handle: RePEc:fip:fedmci:2019_004
    Note: https://www.minneapolisfed.org/indiancountry/research-and-articles/cicd-working-paper-series/201906-the-higher-price-of-mortgage-financing-for-native-americans
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    Cited by:

    1. Button, Patrick & Walker, Brigham, 2020. "Employment discrimination against Indigenous Peoples in the United States: Evidence from a field experiment," Labour Economics, Elsevier, vol. 65(C).
    2. Christian Dippel & Dustin Frye & Bryan Leonard, 2020. "Property Rights without Transfer Rights: A Study of Indian Land Allotment," NBER Working Papers 27479, National Bureau of Economic Research, Inc.

    More about this item

    Keywords

    Indigenous peoples; Native American; Mortgage Financing; Home ownership;

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • J15 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination

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