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Report
Assessing high house prices: bubbles, fundamentals, and misperceptions
Himmelberg, Charles P.; Mayer, Christopher J.; Sinai, Todd (2005)
We construct measures of the annual cost of single-family housing for 46 metropolitan areas in the United States over the last 25 years and compare them with local rents and incomes as a way of judging the level of housing prices. Conventional metrics like the growth rate of house prices, the price-to-rent ratio, and the price-to-income ratio can be misleading because they fail to account both for the time series pattern of real long-term interest rates and predictable differences in the long-run growth rates of house prices across local markets. These factors are especially important in ...
Staff Reports , Paper 218

Journal Article
How Will Affordable Rental Housing Be Preserved?
Rolland, Keith (2015-01)
Affordable rental housing for low- and moderate-income individuals and families is increasingly scarce. Housing finance agencies, nonprofits, and policymakers agree that existing affordable rental housing must be preserved despite formidable complex obstacles in achieving this goal. This article focuses on challenges in rental housing preservation and discusses the programs and perspectives of the Pennsylvania Housing Finance Agency (PHFA), the New Jersey Housing and Mortgage Finance Agency (HMFA), and the Delaware State Housing Authority (DSHA).
Cascade , Volume 1

Journal Article
Buy a home or rent? A better way to choose
Zaman, Saeed; Ergungor, O. Emre (2011-04)
Knowing whether buying a home is a better financial move for a family than renting requires a consideration of costs and options that people often neglect to factor in. One aspect of the calculation that is almost always overlooked is uncertainty--the fact that no matter how good one's estimates of the future are, the future can turn out differently than projected. Incorporating uncertainty into the rent-or-buy calculation gives potential homebuyers information that can improve their decisions. While incorporating uncertainty is complicated, it's made easier with the Cleveland Fed's online ...
Economic Commentary , Issue Apr

Discussion Paper
Affordability and availability of rental housing in Pennsylvania
Mierzwa, Erin; Newburger, Harriet; Nelson, Kathryn P. (2009)
The Community Affairs Department of the Federal Reserve Bank of Philadelphia undertook this study, Affordability and Availability of Rental Housing in Pennsylvania, to assess the housing needs of Pennsylvania's lower-income renter households and to better understand how their needs vary across the state. Our study looks at the incidence of housing problems among this group at both the beginning and the middle of the current decade. It also considers the extent to which there were shortages in the number of rental units that were both affordable and available to lower-income renters at these ...
Community Affairs Discussion Paper , Paper 09-02

What Are the Long-run Trade-offs of Rent-Control Policies?
Hogan, Marie; Owyang, Michael T. (2024-02-12)
While rent-control policies can mean more affordable housing for some, research shows they can also lead to a decline in the supply and quality of rental housing.
On the Economy

Journal Article
Low-income housing tax credits in Texas: achievements and challenges
Office, Community Affairs (2009)
As the LIHTC program faces the biggest challenges of its nearly 25-year history, it's imperative to look holistically at the evolution and distribution patterns of this housing production program. This issue provides a program overview, a current market-condition analysis and an update on recent regulatory changes.
Banking and Community Perspectives , Issue 2

Journal Article
Capital for Communities: Preserving Affordable Rental Housing Through a Nonprofit Real Estate Investment Trust
St. Clair, Noelle (2017-04)
Housing affordability is essential for neighborhood revitalization and social and economic mobility alike, but affordable housing units continue to be limited as demand for them climbs. In cities throughout the country, including Philadelphia, market forces in gentrifying neighborhoods place the affordability of many housing units at risk. This article will explore the Housing Partnership Equity Trust (HPET), a nonprofit real estate investment trust (REIT) that utilizes private capital to acquire, preserve, and improve affordable rental housing units across the country
Cascade , Volume 1

Journal Article
Multifamily rental housing is growing: “yesterday’s buyer is today’s tenant”
Li, Li; Contessi, Silvio (2013-01)
The Regional Economist , Issue Jan

Working Paper
The effects of the real estate bust on renter perceptions of homeownership
Collins, J. Michael; Choi, Laura (2010)
After almost a decade of strong price appreciation, the housing market fell into a steep decline in 2007. By 2008, foreclosure filings on owner-occupied homes were surpassing record levels. Due to the housing downturn, fewer renters may aspire to own a home, which could have lasting implications for neighborhoods and household asset building. This study analyzes the impact of the housing downturn on renters? intent to purchase a home, their perceptions of the risks and benefits of homeownership, and their interest in information and advice concerning homeownership. ; Based on a survey of 400 ...
Community Development Working Paper , Paper 2010-01

Report
Affordability and Availability of Rental Housing in the Third Federal Reserve District: 2012
Hylands, Thomas; Wardrip, Keith; Strazanac, Joshua (2012-12)
Using the most recent data available, this suite of materials provides information on rental housing affordability conditions and trends in the Third Federal Reserve District from 2005 through 2010. This analysis not only explores the proportion of renters in the Third District with a housing cost burden but also investigates whether there are sufficient numbers of affordable rental units to meet the needs of low-income households. See "Affordability and Availability of Rental Housing in the Third Federal Reserve District: 2012" for the Cascade Focus PDF summarizing findings for the Third ...
Cascade Focus

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