Opening the Doors to Homeownership: Challenges to Federal PolicyAbstractThe U.S. homeownership rate reached a record high of 67.1 percent in mid-2000, a gain of about 3 percentage points from 1994. By then, some 71 million U.S. households had attained homeownership. The HUD-stated policy objective, however, is to reach a 70-percent homeownership rate by 2006.The question arises, however, as to whether such a goal is achievable. To shed light on the homeownership policy objective, this article examines those factors that have contributed to the recent gains in homeownership as well as those that might constrain further upward movement in that rate. In particular, the article sheds light on the role of household economic status and educational attainment in the achievement of homeownership and considers as well the role of the Federal Housing Administration (FHA), Ginnie Mae, and the other secondary market institutions in support of Federal housing policy.Opening the Doors to Homeownership: Challenges to Federal Policy (*.pdf)
|