What Drives the Racial Housing Wealth Gap for Older Homeowners?

Siyan Liu and Laura D. Quinby

Working Papers, Center for Retirement Research at Boston College from Center for Retirement Research

Abstract: Housing wealth is an important resource for economic security in retirement. Yet, Black households approaching retirement have only a fraction of the housing wealth held by White households. One reason is that Black households are less likely to own homes in the first place. A second reason, which is the focus of this paper, is that when they do own homes, they see lower wealth accumulation than White homeowners. This study uses the Panel Study of Income Dynamics to determine what share of the age-55 housing wealth gap is due to disadvantage at the time of first purchase and what share is due to slower appreciation of subsequent housing wealth.

Pages: 22 pages
Date: 2023-03
New Economics Papers: this item is included in nep-age and nep-ure
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Persistent link: https://EconPapers.repec.org/RePEc:crr:crrwps:wp2023-03

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