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Minority and Immigrant Homeownership Experience: Evidence from the 2009 American Housing Survey

  • Mundra, Kusum


    (Rutgers University)

Using data from the 2009 American Housing Survey and Hazard Model, this paper provides empirical evidence that the homeownership experience during the recent housing boom and housing bust was not homogenous across all groups in the U.S. The recent deterioration of underwriting practices and a boom in mortgage lending did not benefit minorities and immigrant homeownership in the U.S. Blacks experienced significantly lower increase in homeownership than the whites but highest exit from homeownership particularly if they obtained the mortgage during subprime boom period from 2004 – 2006. Hispanics, on the other hand, did not experience significant increase in homeownership and neither did they face a higher exit from homeownership compared to whites. However, Hispanic immigrants were worse off in the recent housing market than Hispanic natives. Immigrants were worse off in the recent housing market than the natives, but naturalized immigrants fared better than the non-naturalized immigrants.

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Paper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 7131.

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Length: 42 pages
Date of creation: Jan 2013
Date of revision:
Handle: RePEc:iza:izadps:dp7131
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  1. Anthony Pennington-Cross & Giang Ho, 2010. "The Termination of Subprime Hybrid and Fixed-Rate Mortgages," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 38(3), pages 399-426.
  2. Catalina Amuedo-Dorantes & Kusum Mundra, 2013. "Immigrant Homeownership and Immigration Status: Evidence from Spain," Review of International Economics, Wiley Blackwell, vol. 21(2), pages 204-218, 05.
  3. Marsha J. Courchane & Brian J. Surette & Peter M. Zorn, 2004. "Subprime Borrowers: Mortgage Transitions and Outcomes," The Journal of Real Estate Finance and Economics, Springer, vol. 29(4), pages 365-392, December.
  4. Kau, James B. & Keenan, Donald C. & Lyubimov, Constantine & Carlos Slawson, V., 2011. "Subprime mortgage default," Journal of Urban Economics, Elsevier, vol. 70(2), pages 75-87.
  5. Yuliya Demyanyk & Otto Van Hemert, 2011. "Understanding the Subprime Mortgage Crisis," Review of Financial Studies, Society for Financial Studies, vol. 24(6), pages 1848-1880.
  6. George J. Borjas, 1991. "Ethnic Capital and Intergenerational Mobility," NBER Working Papers 3788, National Bureau of Economic Research, Inc.
  7. Yuliya Demyanyk, 2009. "Quick exits of subprime mortgages," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 79-94.
  8. Coulson, N. Edward, 1999. "Why Are Hispanic- and Asian-American Homeownership Rates So Low?: Immigration and Other Factors," Journal of Urban Economics, Elsevier, vol. 45(2), pages 209-227, March.
  9. Giang Ho & Anthony Pennington-Cross, 2006. "The impact of local predatory lending laws on the flow of subprime credit," Working Papers 2006-009, Federal Reserve Bank of St. Louis.
  10. Lawrence White & W. Scott Frame, 2004. "Fussing and Fuming over Fannie and Freddie: How Much Smoke, How Much Fire?," Working Papers 04-27, New York University, Leonard N. Stern School of Business, Department of Economics.
  11. Bocian, Debbie Gruenstein & Ernst, Keith S. & Li, Wei, 2008. "Race, ethnicity and subprime home loan pricing," Journal of Economics and Business, Elsevier, vol. 60(1-2), pages 110-124.
  12. Eileen McConnell & Ilana Akresh, 2010. "Housing Cost Burden and New Lawful Immigrants in the United States," Population Research and Policy Review, Springer, vol. 29(2), pages 143-171, April.
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  14. Lauren Krivo & Robert Kaufman, 2004. "Housing and wealth inequality: Racial-ethnic differences in home equity in the United States," Demography, Springer, vol. 41(3), pages 585-605, August.
  15. Tracy M. Turner & Marc T. Smith, 2009. "Exits From Homeownership: The Effects Of Race, Ethnicity, And Income," Journal of Regional Science, Wiley Blackwell, vol. 49(1), pages 1-32.
  16. Gary A. Dymski, 2006. "Discrimination in the Credit and Housing Markets: Findings and Challenges," Chapters, in: Handbook on the Economics of Discrimination, chapter 8 Edward Elgar.
  17. Painter, Gary & Gabriel, Stuart & Myers, Dowell, 2001. "Race, Immigrant Status, and Housing Tenure Choice," Journal of Urban Economics, Elsevier, vol. 49(1), pages 150-167, January.
  18. Andrew Haughwout & Christopher Mayer & Joseph Tracy, 2009. "Subprime mortgage pricing: the impact of race, ethnicity, and gender on the cost of borrowing," Staff Reports 368, Federal Reserve Bank of New York.
  19. Daglish, Toby, 2009. "What motivates a subprime borrower to default?," Journal of Banking & Finance, Elsevier, vol. 33(4), pages 681-693, April.
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