By Nicolas P. Retsinas, Eric S. Belsky
ISBN-10: 0815706030
ISBN-13: 9780815706038
ISBN-10: 0815706146
ISBN-13: 9780815706144
A new release in the past little consciousness used to be keen on low-income homeownership. at the present time homeownership charges between under-served teams, together with low-income families and minorities, have risen to list degrees. those teams aren't any longer on the margin of the housing marketplace; they've got benefited from extra versatile underwriting criteria and larger entry to credits. besides the fact that, there's nonetheless a racial/ethnic hole and the homeownership charges of minority and low-income families are nonetheless good lower than the nationwide commonplace. This quantity gathers the observations of housing specialists on low-income homeownership and its results on families and groups. The booklet is split into 5 chapters which specialise in the subsequent matters: homeownership tendencies within the Nineteen Nineties; overcoming borrower constraints; monetary returns to low-income owners; low-income personal loan functionality; and the socioeconomic influence of homeownership. Copublished with the Joint middle for Housing reports.
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Additional resources for Low-Income Homeownership: Examining the Unexamined Goal
Sample text
A related issue is the degree to which poverty is concentrated in the central cities; high concentrations of poverty simultaneously push out those who can afford to leave the center city and confine many of the poor to specific parts of the MSA. Similarly, the age, type, size, and quality distribution of the housing stock are important: people may head outward in pursuit of housing that is more likely to be single-family, newer, and equipped with modern conveniences. The demonstrated preference of whites for segregated living can also be considered a push factor where minorities are disproportionately concentrated in central cities.
These tracts also accounted for 13 percent of the increase in white buyers over the period. qxd 24 7/5/2002 2:10 PM Page 24 homeownership in the 1990s The “Who” and “What” of Low-Income Home Buying: Results from the 1997 AHS The American Housing Survey provides a rich data set for comparing the demographic and housing characteristics of homes being purchased by buyers in different income and racial/ethnic groups because it contains information about both sets of characteristics. 12 An analysis of buyers who purchased their homes in the year leading up to the 1997 survey reveals that much larger shares of low-income recent buyers than those who remained low-income renters were married couples (see table 2-1).
8. Ratner (1996) notes that there is significant variation in the home-buying behavior and experience of immigrants based on country of origin, and that the experiences of those from English-speaking countries more closely mirrors those of native-born citizens. qxd 7/5/2002 2:10 PM Page 23 the low-income homeownership boom 23 Stuart (2000) examined metropolitan patterns of home buying at the township level in the Boston primary MSA (PMSA). 10 Further, about a quarter of all blacks, Hispanics, and Asians bought homes in suburbs where they constituted an aboveaverage share of home buyers.