Homeownership and financial strain following the collapse of the housing market: A comparative study on loan delinquencies between black and white households
- 주제(키워드) Collapse of U.S. housing market , Financial strain , Homeownership , Race , Survey of Consumer Finances
- 등재 SCOPUS
- 발행기관 Association for Financial Counseling and Planning Education
- 발행년도 2015
- 총서유형 Journal
- URI http://www.dcollection.net/handler/ewha/000000119254
- 본문언어 영어
초록/요약
The objectives of this study were to evaluate the extent to which homeownership contributed to household financial strain as measured by loan delinquency after the onset of the recent housing market crash, and to examine if the impact of homeownership on household financial strain differed for Black and White households. Using data from the 2010 Survey of Consumer Finances, we found that, after controlling for other factors, a household’s housing preferences had a potential effect on the likelihood of experiencing financial strain following the collapse of residential housing prices. In addition, Black homeowners were more likely to have experienced financial strain following the housing collapse than were White homeowners, regardless of the time period in which the home was purchased. The implications of the findings for public policy, personal financial planning and education, and further research are presented. © 2015 Association for Financial Counseling and Planning Education®.
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