Homeownership, wealth accumulation and income status

Turner, Tracy M.; Luea, Heather

doi:10.1016/j.jhe.2009.04.005

Cited by 103 publications

(52 citation statements)

References 35 publications

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“…Previous studies have demonstrated that people who purchase their homes early have greater possibilities for capital accumulation, which can lead to social inequality (Di et al, 2007). The empirical findings of Turner and Luea (2009) reconfirmed that homeownership had a positive effect on the accumulation of wealth. Their study also showed that high-income households benefited more from the wealth-creation effects of homeownership than did their low-and middle-income counterparts.…”

Section: Introductionmentioning

confidence: 76%

“…Homeownership has a clear effect on wealth accumulation (Di et al, 2007;Turner and Luea, 2009). Research recently carried out in Korea by Kim and Choi (2010) similarly showed that transitioning to homeownership helped households increase their wealth accumulation.…”

Section: Homeownership and Wealth Accumulationmentioning

confidence: 99%

“…The authors pointed out that homeownership may be the only means to improve wealth accumulation among low-income households and argued that policies should be focused on facilitating homeownership among low-income groups in order to increase social equality. However, research by Turner and Luea (2009) argued that the effect of homeownership on the accumulation of wealth varies across different home-owning groups, with the effect being greater for higher income home-owning households than their low-and middle-income counterparts.…”

Section: Homeownership and Wealth Accumulationmentioning

confidence: 99%

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Intergenerational effects of parental wealth on children's housing wealth

Kang

2015

Environ Plan A

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Past research has shown a close association of housing characteristics between generations. Previous evidence on the similarity of homeownership and housing value between parents and children reflects that inheritances and intergenerational wealth transfers play important roles in reinforcing and extending wealth inequality across generations. The purpose of this study is to examine how housing wealth and the timing of initial homeownership are affected by different characteristics of adult children and their parents using the Korean Labor and Income Panel Study. Special attention is givento the influence of parental economic resources on housing wealth and the timing of their children's initial homeownership in order to discern any intergenerational effects. The paper extends knowledge of ongoing intergenerational effects by analyzing the extent to which parental economic resources have a long-term effect on children's accumulation of net housing wealth. The findings indicate that children of wealthier parents have an economic head start: they transit more quickly to homeownership. Comparing net housing wealth between homeowners and renters reveals an increasing gap between the two groups. The results also show that the large gap in housing wealth can be partly attributed to differing parental wealth.

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Section: Introductionmentioning

confidence: 76%

Section: Homeownership and Wealth Accumulationmentioning

confidence: 99%

Section: Homeownership and Wealth Accumulationmentioning

confidence: 99%

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Intergenerational effects of parental wealth on children's housing wealth

Kang

2015

Environ Plan A

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“…8 African Americans accumulate less wealth in their lifetimes and have lower incomes than whites, persistent facts intimately tied to racial gaps in homeownership, as well as educational attainment and employment. [9][10][11][12] The distribution of wealth and income in the U.S. has been shifting upward for decades. In the 1980s and 1990s, the top 1% of wealth owners had 40% of the U.S. net worth, 50% of financial assets, and two thirds of all increases in household financial wealth; at the same time, movement into the top 1% was "nearly nonexistent."…”

Section: Health Inequality and Housingmentioning

confidence: 99%

Mortgage Foreclosure and Health Disparities: Serial Displacement as Asset Extraction in African American Populations

2011

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In this paper we offer a conceptualization of mortgage foreclosure as serial displacement by highlighting the current crisis in the context of historically repeated extraction of capital-economic, social, and human-from communities defined at different scales: geographically, socially, and that of embodied individuals. We argue that serial displacement is the loss of capital, physical resources, social integration and collective capacity, and psycho-social resources at each of these scales, with losses at one level affecting other levels. The repeated extraction of resources has negative implications for the health of individuals and groups, within generations as well as across generations, through the accumulation of loss over time. Our analysis of the foreclosure crisis as serial displacement for African American households in the United States begins with the "housing niche" model. We focus on the foreclosure crisis as an example of the interconnectedness of structured inequality in health and housing. Then we briefly review the history of policies related to racial inequality in homeownership in the twentieth and twentyfirst centuries. We end with an analysis of the scales of displacement and the human, social, and capital asset extraction that accompany them.

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“…Owning a home has historically served as the ''cornerstone'' of household wealth (Di, 2005). Homeowners are wealthier than non-homeowners (Belsky and Prakken, 2004), and each year of homeownership increases total net wealth (Turner and Luea, 2009). Homeownership increases residential stability (McCabe, 2013); which is linked with fewer behavior problems and higher achievement among children (Haurin et al, 2002).…”

Section: Introductionmentioning

confidence: 99%

Hurdles or walls? Nativity, citizenship, legal status and Latino homeownership in Los Angeles

McConnell

2015

Social Science Research

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Homeownership, wealth accumulation and income status

Cited by 103 publications

References 35 publications

Intergenerational effects of parental wealth on children's housing wealth

Intergenerational effects of parental wealth on children's housing wealth

Mortgage Foreclosure and Health Disparities: Serial Displacement as Asset Extraction in African American Populations

Hurdles or walls? Nativity, citizenship, legal status and Latino homeownership in Los Angeles

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