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Working Paper
Monetary Policy, Housing Rents and Inflation Dynamics
Dias, Daniel A.; Duarte, Joao B. (2019-05-23)
International Finance Discussion Papers , Paper 1248

Working Paper
Efficiency in Housing Markets: Do Home Buyers Know how to Discount?
Hjalmarsson, Randi; Hjalmarsson, Erik (2006)
We test for efficiency in the market for Swedish co-ops by examining the negative relationship between the sales price and the present value of future monthly payments or `rents'. If the co-op housing market is efficient, the present value of co-op rental payments due to underlying debt obligations of the cooperative should be fully reflected in the sales price. However, we find that, on average, a one hundred kronor increase in the present value of future rents only leads to an approximately 75 kronor reduction in the sales price; co-ops with higher rents are thus relatively overpriced ...
International Finance Discussion Papers , Paper 879

Working Paper
Can More Housing Supply Solve the Affordability Crisis? Evidence from a Neighborhood Choice Model
Anenberg, Elliot; Kung, Edward (2018-05-15)
We estimate a neighborhood choice model using 2014 American Community Survey data to investigate the degree to which new housing supply can improve housing affordability. In the model, equilibrium rental rates are determined so that the number of households choosing each neighborhood is equal to the number of housing units in each neighborhood. We use the estimated model to simulate how rental rates would respond to an exogenous increase in the number of housing units in a neighborhood. We find that the rent elasticity is low, and thus marginal reductions in supply constraints alone are ...
Finance and Economics Discussion Series , Paper 2018-035

Working Paper
Do Mortgage Subsidies Help or Hurt Borrowers?
Rappoport, David (2016-10-05)
Mortgage subsidies affect homeownership costs by reducing effective mortgage rates and increasing house prices. I show analytically the role of mortgage subsidies in determining house price changes, economic incidence, and efficiency costs using a theoretical framework for applied welfare analysis. I derive simple expressions for these effects, as functions of reduced-form sufficient statistics, which I use to measure the effects from eliminating mortgage deductions. My main results characterize the distributional impact of mortgage subsidies among buyers and owners and how house price ...
Finance and Economics Discussion Series , Paper 2016-081

Discussion Paper
Developing Inclusive Communities: Challenges and Opportunities for Mixed-Income Housing
Carpenter, Ann; Lewis Glover, Renée; Duckworth, Richard (2017-06-01)
Over the past decade, housing costs have risen faster than incomes. The need for affordable rental housing has well outpaced the number of available units as well as funding allocations at the federal level. Local regulation and land use policies that increase the cost of subsidized, mixed-income housing construction and preservation have contributed to the affordability problem. {{p}} To meet the affordable housing needs in U.S. communities, innovation, creativity, and "out of the box" thinking may be required, particularly as it relates to reducing the rapidly increasing costs of ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2017-1

Report
Using home maintenance and repairs to smooth variable earnings
Tracy, Joseph; Gyourko, Joseph (2003-05-01)
Recent research indicates that the marked increase in U.S. income inequality over the last twenty-five years has not been matched by a similar increase in consumption inequality. This paper examines the role of saving/dissaving in a house as a vehicle for consumption smoothing. Data from the American Housing Survey show that expenditures on home maintenance and repairs are economically significant, amounting to roughly $1,750 per household each year. This figure is comparable to the labor literature estimates that put households' average annual transitory income variance at about $2,200. Our ...
Staff Reports , Paper 168

Working Paper
Metropolitan Area Home Prices and the Mortgage Interest Deduction: Estimates and Simulations from Policy Change
Martin, Hal; Hanson, Andrew (2015-10-06)
We simulate changes to metropolitan area home prices from reforming the Mortgage Interest Deduction (MID). Price simulations are based on an extended user cost model that incorporates two dimensions of behavioral change in home buyers: sensitivity of borrowing and the propensity to use tax deductions. We simulate prices with both inelastic and elastic supply. Our results show a wide range of price effects across metropolitan areas and prospective policies. Considering behavioral change and no supply elasticity, eliminating the MID results in average home price declines as steep as 13.5 ...
Working Papers (Old Series) , Paper 1516

Working Paper
Cross-sectional patterns of mortgage debt during the housing boom: evidence and implications
Loewenstein, Lara; Willen, Paul S.; Foote, Christopher L. (2016-11-17)
The reallocation of mortgage debt to low-income or marginally qualified borrowers plays a central role in many explanations of the early 2000s housing boom. We show that such a reallocation never occurred, as the distribution of mortgage debt with respect to income changed little even as the aggregate stock of debt grew rapidly. Moreover, because mortgage debt varies positively with income in the cross section, equal percentage increases in debt among high- and low-income borrowers meant that wealthy borrowers accounted for most new debt in dollar terms. Previous research stressing the ...
Working Papers , Paper 16-12

Working Paper
Can Wealth Explain Neighborhood Sorting by Race and Income?
Aliprantis, Dionissi; Carroll, Daniel R.; Young, Eric R. (2018-06-13)
Why do high-income blacks live in neighborhoods with characteristics similar to those of low-income whites? One plausible explanation is wealth, since homeownership requires some wealth, and black households hold less wealth than white households at all levels of income. We present evidence against this hypothesis by showing that wealth does not predict sorting into neighborhood quality once race and income are taken into account. An alternative explanation is that the scarcity of high-quality black neighborhoods increases the cost of living in a high-quality neighborhood for black households ...
Working Papers (Old Series) , Paper 1808

Working Paper
Rural Affordable Rental Housing : Quantifying Need, Reviewing Recent Federal Support, and Assessing the Use of Low Income Housing Tax Credits in Rural Areas
Dumont, Andrew M. (2018-11-14)
Recently, there has been significant interest in the high levels of rental cost burden being experienced across the United States. Much of this scholarship has focused on rental cost burdens in larger urban areas, or at the national level, and has not explored differences in the prevalence of rental cost burden in urban versus rural communities. In this paper, I find that rental cost burdens are a challenge facing both urban and rural communities. However, despite the need for affordable rental housing in rural communities identified, I find the amount of resources made available by the ...
Finance and Economics Discussion Series , Paper 2018-077

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