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作者

来源

REGIONAL SCIENCE AND URBAN ECONOMICS,Vol.70,P.80-96

语言

英文

关键字

Homeownership; Housing returns; Racial inequality; Wealth; LOW-INCOME; HOUSING-MARKET; WEALTH; RISK; HOUSEHOLDS; PORTFOLIO; HOMES; PRICE; DISCRIMINATION; ACCUMULATION

作者单位

[Mayock, Tom] UNC Charlotte, 9201 Univ Ctr Blvd, Charlotte, NC 28223 USA. [Mayock, Tom] Belk Coll Business, Off Comptroller Currency, Dept Econ, 9201 Univ Ctr Blvd, Charlotte, NC 28223 USA. [Malacrida, Rachel Spritzer] Santander Holdings USA Inc, Boston, MA USA. Mayock, T (reprint author), UNC Charlotte, 9201 Univ Ctr Blvd, Charlotte, NC 28223 USA.; Mayock, T (reprint author), Belk Coll Business, Off Comptroller Currency, Dept Econ, 9201 Univ Ctr Blvd, Charlotte, NC 28223 USA. E-Mail: tmayock@uncc.edu; rachel.malacrida@santander.us

摘要

In this study we utilize data from over a million ownership spells between 1990 and 2013 in 9 metropolitan areas - Boston, Chicago, Detroit, Los Angeles, Miami, New York, Pittsburgh, San Diego, and San Francisco - to provide what we believe to be the most extensive analysis of the variation in the financial returns to homeownership along racial and socioeconomic dimensions. Holding constant a buyer's purchase price, property type, neighborhood, and purchase and sale timing, we find that capital gains have been systematically lower for low-income and minority home buyers in every market in our sample. In some cases, the unconditional retums realized by these buyers were higher, a phenomenon driven by their higher propensity to purchase lower-priced homes that experienced high levels of appreciation. Taken as whole, our findings call into question the widespread claim that encouraging homeownership for low-income and minority households is a panacea for addressing wealth inequality.