Corpus ID: 8053559

The effectiveness of homeownership in building household wealth

  title={The effectiveness of homeownership in building household wealth},
  author={J. Rappaport},
  journal={Econometric Reviews},
  • J. Rappaport
  • Published 2010
  • Economics
  • Econometric Reviews
  • The recent economic and financial crisis and the current slow recovery highlight that homeownership plays a critical role in the U.S. economy. The estimated “equivalent rent” implicitly paid by homeowners accounts for more than 8 percent of gross domestic product. Investment in single-family housing also represents a significant share of GDP and is closely tied to the business cycle. During the past decade, such investment has ranged from as little as 1.3 percent of GDP during recessions to as… CONTINUE READING
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