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Report
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.