The portfolios and wealth of low-income homeowners and renters: findings from an evaluation of Self-Help Ventures Fund’s Community Advantage Program

Allison Freeman, Jong-Gyu Paik and Michael A. Stegman

No 2007-02, Community Development Working Paper from Federal Reserve Bank of San Francisco

Abstract: The distribution of wealth in the United States is more highly skewed than the distribution of income. Nowhere is this clearer than in the case of homeowners and renters. Those who own their homes typically have about 20 to 40 times more net wealth than those who rent. ; Although home equity plays a role in this growing disparity, it does not fully explain why renters hold fewer assets than homeowners. Even excluding home equity, renters are more than twice as likely to be asset-poor as are homeowners. Renters also hold a smaller range of assets than owners, suggesting that homeownership \"implies more than home equity, and is associated with the ownership of a wide range of financial assets\".

Keywords: Home ownership; Rental housing; Wealth (search for similar items in EconPapers)
Date: 2007
New Economics Papers: this item is included in nep-ure
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