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Homeownership and wealth accumulation for low-income households

机译：低收入家庭的房屋及财富积累

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One of the justifications for federal involvement in the homeownership market is that it provides one of the few ways that low-income households can accumulate wealth. To date, the evidence on this claim is mixed due to the lack of a framework that allows for an evaluation of the causal impact of homeownership on wealth accumulation. We make up for this deficit by using the 1984-2013 waves of the Panel Study of Income Dynamics that allows us to use a household-level fixed effects estimator to focus on how wealth changes for households that shift their tenure status from renting to owning.We find that low-income households that were renters in 1984 and first purchased a home in 1989-1999, a period of relatively stable real house prices, experienced significant gains in wealth as of 2011 compared to households that remained renters. On the other hand, low-income households that were renters in 1999 and first purchased a home in 2001-2007, a period of growth followed by the Great Recession, experienced little or no gains in wealth as of 2013 compared to renter households. At least in part, this was due to the unprecedented nature of this housing downturn and the resulting high foreclosure rate among low-income homeowners. Hence, if the Federal Government wants to support its claim, it should assist low-income homeowners in staying in their homes.
机译：联邦参与房屋企业市场的理由之一是它提供了低收入家庭可以积累财富的几种方式之一。迄今为止，由于缺乏框架缺乏框架，对本索赔的证据具有允许评估房屋所有权对财富积累的因果影响。我们通过使用1984-2013波动的收入动态的小组研究弥补了这种赤字，使我们能够使用家庭级别的固定效应估计人员，专注于将其存款地位从租赁转移到拥有的家庭的财富变化。我们发现，1984年的租房居民租用者，并于1989年至1999年购买了一个相对稳定的真实房价的期限，与仍然留下租房者的家庭相比，财富的财富幅度大幅取得了重大收益。另一方面，1999年租房者的低收入家庭在2001 - 2007年首次购买了一个房屋，这是一个增长，随后衰退巨大，与租房家庭相比，截至2013年的财富很少或没有收益。至少部分地，这是由于这种住房衰退的前所未有的性质，并且在低收入房主之间产生的高止赎率。因此，如果联邦政府希望支持其索赔，则应协助低收入房主留在家中。

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