Homeownership in the 1980s and 1990s: Aggregate Trends and Racial Gaps
Housing policy under the Clinton and Bush Administrations has sought to boost homeownership while also narrowing racial gaps in owner-occupancy rates. Against that backdrop, homeownership rose sharply in the 1990s, but white-minority gaps remain in excess of 25 percentage points. We analyze these patterns using data from the 1983 to 2001 Survey of Consumer Finances. Results indicate that household characteristics explain most of the increase in homeownership and roughly two-thirds of the white-minority homeownership gap. Credit barriers account for no more than 5 percentage points of the remaining gap. This suggests that policy makers will need to look beyond innovations in mortgage finance if their goal is to further expand homeownership.
|Date of creation:||2004|
|Date of revision:|
|Contact details of provider:|| Postal: Von KleinSmid Center 363, Los Angeles, California 90089-0626|
Phone: (213) 740-6842
Web page: http://lusk.usc.edu/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- John V. Duca & Stuart S. Rosenthal, 1993.
"Borrowing constraints, household debt, and racial discrimination in loan markets,"
9312, Federal Reserve Bank of Dallas.
- Duca John V. & Rosenthal Stuart S., 1993. "Borrowing Constraints, Household Debt, and Racial Discrimination in Loan Markets," Journal of Financial Intermediation, Elsevier, vol. 3(1), pages 77-103, October.
- Rosenthal, Stuart S., 1988.
"A residence time model of housing markets,"
Journal of Public Economics,
Elsevier, vol. 36(1), pages 87-109, June.
- Duca, John V. & Rosenthal, Stuart S., 1994. "Borrowing constraints and access to owner-occupied housing," Regional Science and Urban Economics, Elsevier, vol. 24(3), pages 301-322, June.
- Boyes, William J. & Hoffman, Dennis L. & Low, Stuart A., 1989. "An econometric analysis of the bank credit scoring problem," Journal of Econometrics, Elsevier, vol. 40(1), pages 3-14, January.
- Tullio Jappelli, 1990. "Who is Credit Constrained in the U. S. Economy?," The Quarterly Journal of Economics, Oxford University Press, vol. 105(1), pages 219-234.
- Ioannides, Yannis M & Rosenthal, Stuart S, 1994. "Estimating the Consumption and Investment Demands for Housing and Their Effect on Housing Tenure Status," The Review of Economics and Statistics, MIT Press, vol. 76(1), pages 127-41, February.
- Peter Linneman & Susan Wachter, 1989. "The Impacts of Borrowing Constraints on Homeownership," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 17(4), pages 389-402.
- Aaron, Henry, 1970. "Income Taxes and Housing," American Economic Review, American Economic Association, vol. 60(5), pages 789-806, December.
- Henderson, J Vernon & Ioannides, Yannis M, 1983. "A Model of Housing Tenure Choice," American Economic Review, American Economic Association, vol. 73(1), pages 98-113, March.
- Donald Cox & Tullio Japelli, 1993.
"The Effect Of Borrowing Constraints On Consumer Liabilities,"
Boston College Working Papers in Economics
228, Boston College Department of Economics.
- Cox, Donald & Jappelli, Tullio, 1993. "The Effect of Borrowing Constraints on Consumer Liabilities," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(2), pages 197-213, May.
- Glenn B. Canner & Dolores S. Smith, 1991. "Home Mortgage Disclosure Act: expanded data on residential lending," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Nov, pages 859-881.
- Peter M. Zorn, 1989. "Mobility-Tenure Decisions and Financial Credit: Do Mortgage Qualification Requirements Constrain Homeownership?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 17(1), pages 1-16.
- Alicia H. Munnell, 1992.
"Mortgage lending in Boston: interpreting HMDA data,"
92-7, Federal Reserve Bank of Boston.
- Munnell, Alicia H. & Geoffrey M. B. Tootell & Lynn E. Browne & James McEneaney, 1996. "Mortgage Lending in Boston: Interpreting HMDA Data," American Economic Review, American Economic Association, vol. 86(1), pages 25-53, March.
- 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.
When requesting a correction, please mention this item's handle: RePEc:luk:wpaper:8596. 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: (Chris Steins)
If references are entirely missing, you can add them using this form.