Ownership, Rental Costs and the Prospects of Building Home Equity
Contributing Organization(s): Center for Economic and Policy Research
Author(s)/Creator(s): Hye Jin Rho; Danilo Pelletiere; Dean Baker
Publishing Date: 2008-05-01
Issue Areas: Housing and Homelessness; Economic Development
Ownership/Rights Info: Creative Commons Attribution 1.0 Generic
This report compares the ownership and rental costs in 100 major U.S. metropolitan areas. Extending the work from a previous CEPR/NLIHC paper, "Ownership, Rental Costs and the Prospects of Building Home Equity: A Comparison of 100 Metropolitan Areas," this study, while demonstrating the wide diversity in housing markets across the nation, finds that in many areas, homeownership costs are in line with rental costs. In these areas, it is practical and desirable to focus on policies that keep homeowners in their homes. The report goes on to show that in bubble- inflated markets, however, homeownership is not only a costly and risky proposition, but continuing price declines mean that homeowners will not accrue any equity. The authors suggest that policy makers should be sure to consider affordable rental options as part of the solution when drafting proposals to help households in these markets.
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Intended Audience: Advocates; College/University Professors; General Public; Legislators/Legislative Aids; Policy Professionals; Researchers
Type/Format: Policy Brief; Survey; CaseStudy
Language code: English
Type/Format: Policy Brief; Survey; CaseStudy
Language code: English
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