Yet according to “The Homeownership Gap,” a paper from the Federal Reserve Bank of New York, official figures are overstated because they do not exclude owners whose homes are worth less than the outstanding balance on their mortgages. Separate out those folks—they are, after all, more like renters than owners—and in some cities, including Detroit, Las Vegas, Phoenix, and San Diego, homeownership rates are 25 to 45 percentage points below the reported figures, say the study’s authors, Andrew Haughwout, Richard Peach, and Joseph Tracy.
Homeownership: Less Than Meets the Eye
Most Popular Articles
Latest Articles
Kristen Sieffert leads the reverse mortgage presence at The Gathering
FOA’s president spoke about bringing reverse mortgages into the mainstream at the event in Scottsdale, Arizona.