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Home Improvement Lending in the Third Federal Reserve District: Patterns by Income, Race, and Gender
Historically, local, state, and federal policies in the U.S. have encouraged households of all backgrounds to pursue homeownership because of the various benefits of owning a home, such as wealth building, protection against housing cost inflation, and psychological well-being, among others.1 Research has demonstrated that the financial, physical, and psychological benefits associated with owning a home have accrued to homeowners of all stripes. However, LMI, minority, and elderly households often face financial barriers to sustaining homeownership over the long run.
Gentrification and Changes in the Stock of Low-Cost Rental Housing in Philadelphia, 2000 to 2014
Philadelphia has experienced increased rental housing affordability challenges in recent years, especially in neighborhoods that have undergone gentrification. This report explores one aspect of gentrification?s impact on housing costs by examining its association with changes in Philadelphia?s stock of units that rent for less than $750 per month. Using tract-level U.S. Census Bureau data, this report finds that, between 2000 and 2014, the city lost one out of five units with rents that fell below this cost threshold. These losses were especially acute in gentrifying neighborhoods, as these ...
Student Loan Trends in the Third Federal Reserve District
The state of the student loan market has received much attention in recent years, as the number of borrowers and their collective debt have risen dramatically. These trends have been particularly problematic in the wake of the 2007?09 recession because increased unemployment and suppressed income impair borrowers? ability to make payments on their loans. This report outlines the recent history of student borrowing in the Third Federal Reserve District and explores lending patterns, by the neighborhood income of the borrower, to better understand the implications for low- and moderate-income ...
Uneven Opportunity: Exploring Employers’ Educational Preferences for Middle-Skills Jobs
This analysis follows research published in 2015 by the Federal Reserve Banks of Philadelphia, Cleveland, and Atlanta on ?opportunity occupations,? which are defined as occupations that pay at least the national annual median wage, adjusted for differences in local consumption prices, and that are generally considered accessible to a worker without a four-year college degree (Wardrip et al., 2015). Among the primary findings in the original research is that, in online job advertisements, employers often express a preference for a college-educated candidate even for occupations that have not ...
Toward Digital Inclusion: Broadband Access in the Third Federal Reserve District
Few innovations have comprehensively changed the nature of the American economy and daily life like high-speed internet — commonly known as broadband. Access to fixed wireline broadband connects millions of people to digital information networks, which can have a transformative effect on the quality of life an individual leads1 and the competitiveness of regional economies.2 However, the digital divide — the uneven distribution of broadband service and adoption — adversely affects residents of rural areas, black and Hispanic groups, and low- and moderate-income (LMI) communities
Affordability and Availability of Rental Housing in the Third Federal Reserve District: 2015
In the aftermath of the foreclosure crisis and subsequent tightening of mortgage credit, many households have turned to the rental housing market, increasing pressure on an already limited supply of low-cost units. Using the most recent data available, this issue of Cascade Focus analyzes trends in rental housing affordability in the Third Federal Reserve District between 2007 and 2012. In addition to examining rates of housing cost burden for low-income renter households, this analysis evaluates whether the supply of affordable rental units is sufficient to meet the need. Lastly, this report ...
Affordability and Availability of Rental Housing in the Third Federal Reserve District: 2012
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 ...
An Overview of the Nonprofit Foreclosure Counseling Industry in Philadelphia
The collapse of the housing market in the second half of the last decade created increased demand for counseling services to assist homeowners dealing with foreclosure. In Philadelphia, the nonprofit agencies that provide free housing counseling dealt with this surge in demand at the same time that funding became increasingly hard to secure. This paper provides a high-level overview of the state of the nonprofit foreclosure counseling industry in Philadelphia in the wake of the housing crash. The report includes information on the industry?s funding levels and sources, details what agencies ...