American Economic Review
ISSN 0002-8282 (Print) | ISSN 1944-7981 (Online)
Borrowing Constraints and Homeownership
American Economic Review
vol. 106,
no. 5, May 2016
(pp. 625–29)
Abstract
This paper identifies the impact of borrowing constraints on homeownership in the U.S. in the aftermath of the 2008 financial crisis. While homeownership declines and tightened credit are evident, the role the tightening of credit has had on the probability of individual households to become homeowners has not been previously identified. The homeownership rate in 2010-2013 is estimated to be 2.3 percentage points lower than if the constraints were set at the 2001 level.Citation
Acolin, Arthur, Jesse Bricker, Paul Calem, and Susan Wachter. 2016. "Borrowing Constraints and Homeownership." American Economic Review, 106 (5): 625–29. DOI: 10.1257/aer.p20161084Additional Materials
JEL Classification
- G01 Financial Crises
- G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
- G28 Financial Institutions and Services: Government Policy and Regulation
- R21 Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand
- R31 Housing Supply and Markets