Sharing Equity with Future Generations: An Evaluation of Long-Term Affordable Homeownership Programs in the USA

Kenneth Mark Temkin, Brett Theodos and David Price

Housing Studies, 2013, vol. 28, issue 4, 553-578

Abstract: Shared equity initiatives provide homeownership opportunities to low- and moderate-income families who buy homes at below-market prices. The appreciation that can be earned by resellers is limited to preserve the homes' affordability at resale. This article analyses affordability, personal wealth, security of tenure, and mobility outcomes for seven shared equity programs across the USA. Homebuyers earned returns that were competitive with what they would have received if they had invested in stocks or bonds. In addition, homes remained affordable to lower income buyers over time as the homes were resold. Homeownership under these programs was sustainable: there were very low delinquency and foreclosure rates and many families who sold their homes were able to use their sales' proceeds to purchase market-rate homes. Owners also showed little evidence of being locked in place, and moved to new homes at rates near the national average.

Date: 2013
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DOI: 10.1080/02673037.2013.759541

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