Neighborhood Affordability and Housing Market Resilience
Kyungsoon Wang and
Dan Immergluck
Journal of the American Planning Association, 2019, vol. 85, issue 4, 544-563
Abstract:
Problem, research strategy, and findings: Although many researchers have examined factors associated with vulnerability to foreclosure, few have investigated the role neighborhood affordability plays in foreclosures in metropolitan areas. In this study, we examine the effects of location affordability (i.e., housing and transportation affordability combined) on resilience to foreclosure in more than 300 U.S. metropolitan areas during the U.S. housing recovery period. Using hierarchical linear regression with changes in zip code–level home foreclosure rates, our findings suggest the relationship between affordability and foreclosure resilience varies according to urban form (central/high-density city versus suburban low-density area) and types of metropolitan housing markets (boom–bust versus strong versus weak). In the national analysis, where location affordability was high, home foreclosure rates dropped substantially in central/high-density areas but not in suburban low-density areas. When we disaggregated the zip codes according to the market type, location affordability contributed to recovery in central cities in strong and weak metros and in the suburbs of boom–bust metros. There was no positive association in the suburbs of strong and weak metros. With improved data, future studies could measure an association between affordability and lower income renter households.Takeaway for practice: Our study of the affordability crisis that followed the foreclosure crisis shows that planners can foster resilient and affordable housing markets by expanding and densifying affordable neighborhood locations and considering interactions between the costs of housing and transportation. Planners can improve neighborhood affordability with local and regional strategies based on the local residential density and the type of metropolitan housing market.
Date: 2019
References: Add references at CitEc
Citations:
Downloads: (external link)
http://hdl.handle.net/10.1080/01944363.2019.1647793 (text/html)
Access to full text is restricted to subscribers.
Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
HTML/Text
Persistent link: https://EconPapers.repec.org/RePEc:taf:rjpaxx:v:85:y:2019:i:4:p:544-563
Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/rjpa20
DOI: 10.1080/01944363.2019.1647793
Access Statistics for this article
Journal of the American Planning Association is currently edited by Sandi Rosenbloom
More articles in Journal of the American Planning Association from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().