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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

Journal Article
Long-term outcomes of FHA first-time homebuyers
Tracy, Joseph; Lee, Donghoon (2018)
The Federal Housing Administration (FHA), which insures mortgages for low- to moderate-income homebuyers, has stated that its goal is to foster sustainable homeownership. This study proposes metrics for evaluating the degree to which the FHA has succeeded in this mission for an important program constituency, first-time homebuyers. The approach uses data from the New York Fed?s Consumer Credit Panel, a data source that makes it possible to observe new mortgage borrowers? long-term outcomes. The findings presented in sample scorecards show, for example, that in the 2001 and 2002 cohorts, 55 ...
Economic Policy Review , Issue 24-3 , Pages 145-165

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

Discussion Paper
Did Tax Reform Raise the Cost of Owning a Home?
Landau, Rebecca; Gilbukh, Sonia; Tracy, Joseph; Haughwout, Andrew F. (2019-04-17)
The 2018 slowdown in the housing market has been a subject of intense interest to the press and policymakers, including articles reporting a slowing in house price growth and a decline in home construction. Today we follow up on our colleagues' research on whether the Tax Cut and Jobs Act of 2017 (TCJA) has contributed to a slowdown in the housing market, looking closely at what price signals tell us about the trade-off between owning and renting.
Liberty Street Economics , Paper 20190417

Working Paper
Improving the 30-Year Fixed-Rate Mortgage
von Hafften, Alexander H.; Passmore, Wayne (2017-08-25)
The 30-year fixed-rate fully amortizing mortgage (or "traditional fixed-rate mortgage") was a substantial innovation when first developed during the Great Depression. However, it has three major flaws. First, because homeowner equity accumulates slowly during the first decade, homeowners are essentially renting their homes from lenders. With so little equity accumulation, many lenders require large down payments. Second, in each monthly mortgage payment, homeowners substantially compensate capital markets investors for the ability to prepay. The homeowner might have better uses for this ...
Finance and Economics Discussion Series , Paper 2017-090

Working Paper
Geographic Inequality of Economic Well-being among U.S. Cities: Evidence from Micro Panel Data
Chudik, Alexander; Choi, Chi-Young (2017-11-01)
We analyze the geographic inequality of economic well-being among U.S. cities by utilizing a novel measure of quantity based product-level economic well-being, i.e., the number of goods and services that can be purchased by consumers with an average city wage. We find a considerable cross-city dispersion in the economic well-being and the geographic dispersion has been on the steady rise since the mid-1990s for most goods and services under study. Strong geographic correlations exist in the local economic well-being and our empirical analysis based on a Global VAR (GVAR) model suggests that ...
Globalization Institute Working Papers , Paper 330

Working Paper
Of Cities and Slums
Cavalcanti Ferreira, Pedro; Monge-Naranjo, Alexander; Torres de Mello Pereira, Luciene (2016-10-01)
The emergence of slums is a common feature in a country's path towards urbanization, structural transformation and development. Based on salient micro and macro evidence of Brazilian labor, housing and education markets, we construct a simple model to examine the conditions for slums to emerge. We then use the model to examine whether slums are barriers or stepping stones for lower skilled households and for the development of the country as a whole. We calibrate our model to explore the dynamic interaction between skill formation, income inequality and structural transformation with the rise ...
Working Papers , Paper 2016-22

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

Discussion Paper
Informal Homeownership Issues: Tracking Contract for Deed Sales in the Southeast
Thayer, Chris; Carpenter, Ann; Lueders, Abram (2017-06-01)
Since the Great Recession, homeownership rates have dropped and the wealth divide has widened for low-income and racial and ethnic minority households. Homeownership is a significant contributor to household balance sheets and generator of household wealth, particularly for these populations. {{p}} A contract for deed is a seller-financed real estate contract consisting of installment payments. For households that desire the financial and physical security of owning a home, contracts for deed may provide an inexpensive option. However, risks may exist. Unlike the recipient of a mortgage, the ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2017-2

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