Full Citation

Title: Distributional Costs of the Housing-Price Bust

Citation Type: Working Paper

Publication Year: 2011

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Abstract: This paper uses micro data from the American Community Survey to examine how the recent housing bust affected households employment, homeownership, home values, and housing costs. To separate dynamics of the housing bust from those of the aggregate downturn, we differentiate between metropolitan areas that did and did not experience bubbles. We find that, for most measures, deteriorations in well-being were more severe in bubble metros than elsewhere, and for several measures, differential effects on less-educated households were also more severe. This underscores the importance of keeping housing markets from overheating, as burdens of adjustment fall differentially on people not well prepared to bear them.

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Authors: Bansak, Cynthia; Starr, Martha

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Publication Number: 2011-4

Institution: American University

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Publisher Location: Washington, D.C.

Data Collections: IPUMS USA

Topics: Housing and Segregation, Labor Force and Occupational Structure, Other

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