Inequality in U.S. Homeownership Rates by Race and Ethnicity

Andrew Haughwout, Donghoon Lee, Joelle Scally and Wilbert van der Klaauw

No 20200708a, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Homeownership has historically been an important means for Americans to accumulate wealth—in fact, at more than $15 trillion, housing equity accounts for 16 percent of total U.S. household wealth. Consequently, the U.S. homeownership cycle has triggered large swings in Americans’ net worth over the past twenty-five years. However, the nature of those swings has varied significantly by race and ethnicity, with different demographic groups tracing distinct trajectories through the housing boom, the foreclosure crisis, and the subsequent recovery. Here, we look into the dynamics underlying these divergences and explore some potential explanations.

Keywords: homeownership; race; household finances; consumer credit panel; diversity (search for similar items in EconPapers)
JEL-codes: D14 (search for similar items in EconPapers)
Date: 2020-07-08
New Economics Papers: this item is included in nep-ure
Note: Heterogeneity Series III: Credit Market Outcomes
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