TITLE

Home Ownership Opens Door to Building Wealth for Lower Income Households . .

PUB. DATE
March 2004
SOURCE
Journal of Financial Planning;Mar2004, Vol. 17 Issue 3, p21
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article discusses results of a survey by the Consumer Federation of America, which revealed that home ownership is on the rise, especially for lower-income households, and the equity from that home ownership is the main source for building wealth among lower-income and minority homeowners. Based on data from the Federal Reserve Board's Survey of Consumer Finances, the study found the following data: (1) home ownership rose from 64 percent of all households in 1989 to 68 percent in 2001; (2) ownership rose from 33 percent to 44 percent for households in the lowest one-fifth of household income, and from 42 percent to 47 percent for African-Americans; (3) median equity was $70,000; (4) for all households, home equity represented 42 percent of net wealth in 2001; (5) for low-income households, equity represented 80 percent of wealth, and for African-Americans, it represented 52 percent.
ACCESSION #
12478261

 

Related Articles

  • Making smart real estate choices. Myers, Melissa; Tucker, Michael // Echo Magazine;7/13/2006, Vol. 17 Issue 22, p44 

    Gives pieces of advice on making real state investment by GLBT couples. Importance of properly titling co-owned real estate; Discussion on using home equity loans; Factors to consider in using various creative lending strategies.

  • Housing appraisals Watch out for bloat.  // Consumer Reports;Sep2005, Vol. 70 Issue 9, p49 

    Focuses on ways that consumers can insure they get an accurate appraisal of their home. Looks at how homeowners may at first delight in a high appraisal when seeking a cash-out mortgage refinancing or a home-equity loan; Discussion of how an inflated valuation can lead homeowners to borrow too...

  • America's Shrinking Home Equity. Ryan, Oliver // Fortune;9/20/2004, Vol. 150 Issue 6, p108 

    Discusses how many homeowners have borrowed money against their homes to do repairs. Growth of borrowing; Claim that America's equity has fallen; How homeowners have borrowed more against their homes than they've invested in them; Position that this puts homeowners in regarding debt; Assertion...

  • Homeownership and Housing Equity: An Examination of Native- Immigrant Differences in Housing Wealth. Chatterjee, Swarnankur; Zahirovic-Herbert, Velma // International Advances in Economic Research;May2011, Vol. 17 Issue 2, p211 

    This paper examines the differences in homeownership between immigrants and native-born residents using the National Longitudinal Survey of Youth 1979 (NLSY79) data. We estimate the preference for homeownership and the amount of home equity held by households using a two-stage procedure. The...

  • Alt-A: Past, Present, and Future. DePodesta, David J. // Broker Magazine;Sep2005, Vol. 7 Issue 6, p28 

    Focuses on the changes of the mortgage industry in the U.S. Factors contributing to the widening gap that have long separated the traditional subprime from traditional A paper, or otherwise known as Alternative A-paper (Alt-A) loans; Indications showing a continued boom of Alt-A; Implications of...

  • CHAPTER 13: What Will Happen to the House? Fetherling, Dale; Woodhouse, Violet // Divorce & Money (9781413313147);2010, p197 

    The article discusses the issue of home ownership during the process of divorce. A home can represent the partnership between husband and wife. The common scenarios for dealing with the family home are described, including buying out the spouse's share and either keep it or sell it in the...

  • Housing minister tells housebuilders its 'time they raised their game'. Thomas, Paul // Mortgage Strategy (Online Edition);7/16/2013, p6 

    The article reports that British housing minister Mark Prisk has urged housebuilders to increase building of new homes to meet the extra demand created by Help to Buy scheme. According to figures from the Home Builders Federation, currently around 115,000 new homes are being built each year,...

  • BUBBLEPROOF YOUR HOME. Medintz, Scott // Money;Mar2004, Vol. 33 Issue 3, p98 

    A majority of Americans have more than half their wealth locked up in their homes; a third have 80% or more. It's a big risk to have so much wealth tied up in a single, illiquid investment, and there's essentially nothing we can do to hedge that risk. Unless, that is, you happen to live in...

  • Fundamentals help protect most valuable asset--your home. Mandell, David B.; Fay, Christopher D. // Ophthalmology Times;4/15/2005, Vol. 30 Issue 8, p83 

    Examines a number of strategies for ophthalmologists on how to shield real estate and build wealth from home equity. Comparison of equity versus fair market value; Protection of the home equity with mortgage; Guaranteed minimum returns offerd by life insurance policies; Cost of capital versus...

Share

Read the Article

Courtesy of VIRGINIA BEACH PUBLIC LIBRARY AND SYSTEM

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics