ABSTRACT

This article assesses the asset building of households that take part in shared-equity homeownership (SEH) models. The contribution of this article is a comparison of outcomes for households participating in shared-equity programs with other low- and moderate-income households who rent or own properties without restrictions on appreciation. We matched participants in SEH programs to households with similar characteristics from the Panel Study of Income Dynamics (PSID) over the 1997–2017 period. The findings indicate that in real terms, median SEH homeowners accumulated about $1,700 in housing wealth annually or around $10,000 during their holding period. This amount is lower than the $2,100 median annual gain in home equity experienced by similar PSID owners but statistically and economically significantly larger than the $16 in annual gain experienced by similar PSID renters. The findings provide evidence that households participating in SEH programs experienced positive, but modest, wealth gains that were slightly lower than those of homeowners in unrestricted units but substantially higher than those of renters.

摘要

本文评估了参与共享股权房屋所有权 (SEH) 模型的家庭的资产建设。本文的贡献是将参与共享股权计划的家庭与其他出租或拥有房产且不受升值限制的中低收入家庭的结果进行比较。我们将 SEH 计划的参与者与 1997-2017 年期间收入动态面板研究 (PSID) 中具有相似特征的家庭进行匹配。调查结果表明，按实际价值计算，SEH 房主中位值每年积累约 1,700 美元的住房财富，或在持有期间约 10,000 美元。这个金额低于2美元，类似 PSID 业主所经历的房屋净值年收益中位数为 100，但在统计和经济上显着高于类似 PSID 租户所经历的 16 美元的年收益。研究结果表明，参与 SEH 计划的家庭经历了积极但适度的财富增长，略低于不受限制的单元房主，但远高于租房者。