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Wealth Accumulation and Homeownership: Evidence for Low-Income Households;Final rept

机译：财富积累和房屋所有权：低收入家庭的证据;最终的收入

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This paper has examined the role of housing choice within the housing hierarchy on family wealth accumulation. In the housing policy literature, this is the first time a dynamic model of housing choice has been used to estimate potential wealth accumulation from owned housing. In addition, to our knowledge, it is the first time the geographically detailed version of the Panel Study of Income Dynamics has been used to locate families within Census tracts in order to identify the relative differences in house price appreciation that might be expected to occur in different high-income and low-income neighborhoods in different locations across the country. Our results illustrate the complex nature of housing choice for families, particularly those with lower incomes. Rather than simply focusing on time to homeownership, we find a high likelihood that lower income families will slip back to renting after attaining homeownership. For minority households this probability is quite high. In addition, the progression beyond first time homeownership is quite limited for lower income households. Indeed, for minority households, firsttime homeownership is effectively the only step observed in the housing hierarchy (that is, they dont trade up as much as non-minorities). In terms of lower income households, non-housing wealth accumulation is at best minor and, for minority families, often negative. Thus, over the nine year period of our study, owned housing is an important means of wealth accumulation. Indeed, our results may be broadly interpreted for lower income households as implying that housing wealth is total wealth. These results tend to support public policies aimed at both increasing homeownership opportunities in general and those policies that focus on homeownership for lower income households.

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