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Journal Article
Spotlight on Research: Youth Debt and College Graduation
The rise in debt among youth to finance their higher education has engendered a great deal of discussion. Much of the attention has been focused on the angst that arises when the debt has to be repaid. This has been especially burdensome on students from lower-income households. While this is worthy of concern, another aspect of the educational-related debt that is being examined is whether the debt was worth it. More specifically, what is the association of the debt with the borrower?s graduation from college? Some investigations not only consider the relationship between educational loans ...
Journal Article
The Housing Market and Its Influences
The housing market influences our economic and social well-being. It serves as a prime mover of overall economic activity, the foundation for wealth creation, and the basis for the landscape of our neighborhoods as well as the dynamic relationship between cities (particularly older ones) and suburbs. The recent downturn in the housing market generated changes in its aforementioned influences. It also fostered changes in the regulatory environment in the mortgage market. These topics were discussed at the 2014 Reinventing Older Communities conference.
Journal Article
Spotlight on Research: The Role of Small Businesses in Commercial Corridor Revitalization
Revitalizing the commercial sector in inner-city neighborhoods that have deteriorated is fraught with issues concerning, among others, the appropriate retail mix and location of establishments, as well as the impact of such efforts on residents and consumers. A key decision is who will serve as the prime mover for the revitalization activities. An article by Stacey Sutton takes a slightly unorthodox view by suggesting that small business owners are underexplored stakeholders who could spearhead a retail restructuring campaign. The following is a summary of the case she makes to support this ...
Journal Article
Spotlight on Research: Factors That Sustain Metropolitan Growth
The factors that underlie economic growth in metropolitan regions have been the subject of an increasing number of research efforts. Earlier research focused on the pace of growth. More recent investigations have been concerned with the resilience or capacity of regions to sustain growth paths, even in the face of external shocks. Chris Benner and Manuel Pastor add to the latter body of research by examining the growth spells among the 184 largest regions in the U.S. from 1990 to 2011.1 The authors are particularly interested in the role played by social equity. The following is a summary of ...
Journal Article
Spotlight on Research: Housing Options for Homeless Families
Homelessness in the U.S. continues to be a pressing issue. It is generally thought to involve only single men and women. However, according to a 2010 report to Congress, about one-third of the homeless are families.1 While the need for housing for homeless families is a foregone conclusion, the type of housing that best fosters residential stability and self-sufficiency remains at issue. A recent report by the National Center on Family Homelessness sheds light on this topic.2 The following is a summary of that report.
Journal Article
Spotlight on Research: Innovative Ways to Build Savings and Wealth of Low-Income Families
The recent great recession took its financial toll on many families. Some who lost a portion of their wealth continue to struggle to find a foothold in the economy, while others have managed to regain their lost wealth. Some of the other sources of the financial instability that beset families have been attributed to the challenges associated with being a single-parent family, the volatility and fragility of income shocks, and the shredding of some safety nets. Ray Boshara, director of the Center for Household Financial Stability and assistant vice president at the Federal Reserve Bank of St. ...
Journal Article
Spotlight on Research: Down Payment Assistance Plays Critical Role in Affordable Homeownership
In the aftermath of the recent Great Recession, there has been a tightening in mortgage lending practices. This cautious atmosphere has been prompted in large part by the rash of foreclosures in the housing market that accompanied the financial crisis. One potential safeguard is the existence of a down payment requirement that must be met by prospective homebuyers as a condition of securing a mortgage. The rationale is that when individuals invest their own money in the form of a down payment, the potential homebuyers will be more motivated to maintain their mortgage obligations. For those ...
Journal Article
Spotlight on Research: Making a Difference in the Lives of Young Men of Color
The plight of young men of color, whether it is in education, the labor market, or involvement in the criminal justice system, has been and remains a challenge. The difficulties in the various areas of these young men?s lives have been well documented over time. The problems of young men of color have also engendered numerous responses. Policy initiatives at the federal, state, and local levels as well as endeavors by foundations have been undertaken to address these dilemmas.
Journal Article
Spotlight on Research: Lessons Learned from Pay for Success Programs
Various social problems, such as homelessness and prison recidivism, impose substantial costs on taxpayers. The mounting costs that result from these troubling social concerns at the local, state, and federal levels force officials to seek alternative ways to raise funds to deal with these issues. One such effort is to use a relatively new source of funding called ?pay for success (PFS),? also known as ?social impact bonds,? or ?SIBs.? Currently, there are more than 40 PFS initiatives underway worldwide. A report by Emily Gustafsson-Wright, Sophie Gardiner, and Vidya Putcha discusses what PFS ...
Journal Article
Spotlight on Research: The Influence of Financial Literacy on High-Cost Borrowing
Two topics have gained widespread attention in recent years. One is the rapid growth of high-cost borrowing offered by the alternative financial services (AFS) industry, such as payday loans, pawn shops, auto title loans, refund anticipation loans, and rent-to-own stores. The other topic is the efficacy of financial literacy on improving the overall financial well-being of individuals. A study by Annamaria Lusardi and Carlo de Bassa Scheresberg explores the characteristics of those who use high-cost borrowing and the influence of financial literacy on their borrowing behavior.1 The following ...