EXITS FROM HOMEOWNERSHIP: THE EFFECTS OF RACE,ETHNICITY, AND INCOME* |
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| Authors: | Tracy M. Turner Marc T. Smith |
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| Affiliation: | 1. Department of Economics, Kansas State University, 327 Waters Hall, Manhattan, KS 66506–4001. E‐mail: turner@ksu.edu;2. Department of Finance and Director, Institute of Housing Studies, DePaul University |
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| Abstract: | ABSTRACT This paper examines the extent to which populations experiencing low homeownership rates in the U.S. also experience high homeownership exit rates. We determine whether low‐income Hispanic and black households that achieve homeownership are as likely as white and high‐income households to sustain it. Using the Panel Study of Income Dynamics spanning the years 1970–2005, we find that low‐income homeowners consistently have higher homeownership exit rates, Hispanic households have higher raw exit rates prior to but not subsequent to 1997, and a black/white sustainability gap appears to arise post‐1997. |
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