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Closing the Gaps

Posted by Team DataTree

August 21, 2017 at 10:00 AM

   Homeownership is a goal shared among all people, regardless of race or ethnicity, and remains11 the  main          driver of wealth creation for the majority of households in the United States.

 Trend 6, fig 1.pngNot surprisingly, ethnicity and homeownership rates  are a frequent topic of research and often that research identifies homeownership gaps among  ethnicities.  In 2015, I released  a report entitled "The State of Homeownership - Homeownership, Economic Mobility and the Challenges Facing the Nation's Latino and African American Communities12," which showed that there are clear and consistent differences between the homeownership rates of different ethnicities, even when age is held constant. Other reports by the National Association of Hispanic Real Estate Professionals1 (NAHREP), the National Association of  Real Estate Brokers14  (NAREB), and the  Asian Real Estate Association of America15  (AREAA) also show the existence of homeownership gaps.

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Topics: homeownership, DataTree, real estate

Is It All About the Economy?

Posted by Team DataTree

August 14, 2017 at 10:00 AM

Household income is only one measure of overall economic conditions. Equally important is whether one can get a job, change a job or keep a job.

Changes in economic conditions and consumer access to mortgage financing are also important influences on homeownership. Our decision and ability to buy a home is closely tied to all of these economic factors.

Figure 6 shows the change in the homeownership rate, all other factors held constant, due to changing economic conditions over time. Between 1992 and 2005, the strong economy of the 1990s and the housing boom of the early aughts increased homeownership, all else held equal, by 5.6 percent. The recession that followed the housing boom peak forced the homeownership rate to decline 5.1 percentage points. More recently, improving economic conditions have helped fuel resurgence in the homeownership rate.

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Topics: homeownership, DataTree, real estate

Finally, Income Growth

Posted by Team DataTree

August 7, 2017 at 10:00 AM

It's not just the decisions to marry or have children that increase the likelihood of being a homeowner.

Economic conditions also play an important role. If the economy is in recession and it's hard to find a job, or one's income is flat or declining, it would make sense that there would be less demand for homeownership. But, could the converse also be true too?

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Topics: DataTree, real estate, housing

The Home is a Family Formation Station

Posted by Team DataTree

July 31, 2017 at 10:00 AM

A recent study9 by the Urban Institute found that between 2007 and 2012 birth rates among women in their twenties declined by more than 15 percent.

Trend 3-1.pngThe drop was, in part, caused by the decline in the rate of marriage. This doesn't necessarily suggest that either the marriage rate or birth rates won't increase as Millennia ls choose to have children at a later age, but it does delay the decision to buy a home.

In our analysis, we find that just as the decision to marry influences the decision to own, so does the decision to have children. As one might suspect, the more children in a household, the more likely the decision to own versus rent. The homeownership rate is 1.7 percent higher for households with one or two children compared to households with no children, and it is 5.4 percent higher for households with three or more children.

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Topics: homeownership, DataTree, millennials, real estate

Homes and Marriage Go Together Like a Horse and Carriage

Posted by Team DataTree

July 24, 2017 at 10:00 AM

Even if you get that education, what is it that drives a decision to become a homeowner?

Most would say that they plan to buy a home when they "settle down," but what does that mean for a Millennial nowadays? This is a serious question because marriage and homeownership, perhaps the two most enduring institutions of our society, have shaped the economic fortunes of many Americans. Over the past half century, there has been an overall decline in the rate of marriage. According to government data, the share of married households has fallen from a high of 72 percent in 1960 to approximately 50 percent today.

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Topics: homeownership, millennials, real estate


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