What Happens to Household Formation in a Recession?

41 Pages Posted: 10 Apr 2010 Last revised: 20 Apr 2010

See all articles by Gary Painter

Gary Painter

University of Southern California - Sol Price School of Public Policy

Multiple version iconThere are 2 versions of this paper

Date Written: April 8, 2010

Abstract

The present economic downturn has been, by many measures, the most severe since the Great Depression. The housing market has been buffeted by large declines in real house prices, caused in part by the collapse of the housing finance system and by continued job losses. While the difficulties in the housing market are nationwide, some areas have experienced much steeper declines in home prices and overall housing market activity. The national home-ownership rate has declined from a peak above 69 percent to just over 67 percent, with home-ownership rates for some minority groups falling by an even greater extent. At the same time, homeowner vacancy rates have increased markedly over the past few years and rental vacancy rates have also drifted upwards. This naturally begs the question: Where have these households gone?

Keywords: Household formation, recession, immigrant homeownership

Suggested Citation

Painter, Gary, What Happens to Household Formation in a Recession? (April 8, 2010). Available at SSRN: https://ssrn.com/abstract=1586487 or http://dx.doi.org/10.2139/ssrn.1586487

Gary Painter (Contact Author)

University of Southern California - Sol Price School of Public Policy ( email )

Los Angeles, CA 90089-0626
United States
213-740-8754 (Phone)
213-740-0001 (Fax)

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
227
Abstract Views
1,542
rank
154,846
PlumX Metrics