Abstract

http://ssrn.com/abstract=2088897
 


 



Promoting Wealth Building Through Homeownership


Kelly D. Edmiston


Federal Reserve Bank of Kansas City; Rockhurst University; Georgia State University - Fiscal Research Center

Kenneth Spong


Federal Reserve Bank of Kansas City

June 21, 2012

Networks Financial Institute: Working Paper Series: 2012-WP-04

Abstract:     
Current tax policies, while commonly thought to promote homeownership, have generally left low-income homeowners behind other homeowners. Using a number of simplifying assumptions, our estimates of lifetime homeowner tax subsidies suggest that the average homeowner in the lowest-income quintile may receive cumulative tax subsidies that are roughly one-thirteenth the size of those received by someone in the highest-income quintile. From an asset- and wealth-building perspective, the tax system thus places low-income households at a very large disadvantage – both in their quest to become homeowners and in what happens after they achieve homeownership status.

Number of Pages in PDF File: 33

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Date posted: June 21, 2012  

Suggested Citation

Edmiston, Kelly D. and Spong, Kenneth, Promoting Wealth Building Through Homeownership (June 21, 2012). Networks Financial Institute: Working Paper Series: 2012-WP-04. Available at SSRN: http://ssrn.com/abstract=2088897 or http://dx.doi.org/10.2139/ssrn.2088897

Contact Information

Kelly D. Edmiston (Contact Author)
Federal Reserve Bank of Kansas City ( email )
1 Memorial Dr.
Kansas City, MO 64198
United States
Rockhurst University ( email )
Kansas City, MO 64110
United States
Georgia State University - Fiscal Research Center ( email )
33 Gilmer Street, SE Unit 2
Atlanta, GA 30303-3082
United States
Kenneth Spong
Federal Reserve Bank of Kansas City ( email )
Division of Bank Supervision and Structure
Kansas City, MO 64198
United States
816-881-2878 (Phone)
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