Small and Medium Multifamily Housing Units: Affordability, Distribution, and Trends

56 Pages Posted: 3 Apr 2017

See all articles by Brian An

Brian An

University of Southern California- Sol Price School of Public Policy

Raphael W. Bostic

Federal Reserve Bank of Atlanta

Andrew Jakabovics

affiliation not provided to SSRN

Anthony W. Orlando

California State Polytechnic University, Pomona - Finance, Real Estate and Law Department

Seva Rodnyansky

University of Southern California - Price School of Public Policy

Date Written: November 3, 2015

Abstract

Housing units within small and medium multi-family (SMMF) properties, defined as buildings with 2 to 49 units, comprise over 20% of the U.S. housing stock and are located primarily within the central cities or suburbs of metropolitan areas. However, this category of properties has sometimes been overlooked both in the media as well as in research, which have focused instead on the single-family and large multi-family (over 50 units) categories. Amalgamating the American Community Survey, American Housing Survey, and DataQuick databases, this study situates this segment of the U.S. housing stock in context by looking at cross-category comparisons and change over time. We map the geographic distribution of SMMF properties, describe their characteristics, and evaluate the degree to which they contribute to affordability within their specific market areas. Our data sets allow a rich examination of the variations both within the SMMF category and in comparison to the single- family and large multi-family property categories. The resulting analyses allow us to draw policy-relevant conclusions about this large segment of the housing stock and its importance in shaping housing supply and affordability at a national and regional level.

Keywords: housing, multifamily, rental, affordability, real estate, urban economics

JEL Classification: R31, R12, R14

Suggested Citation

An, Brian and Bostic, Raphael W. and Jakabovics, Andrew and Orlando, Anthony W. and Rodnyansky, Seva, Small and Medium Multifamily Housing Units: Affordability, Distribution, and Trends (November 3, 2015). Available at SSRN: https://ssrn.com/abstract=2938809 or http://dx.doi.org/10.2139/ssrn.2938809

Brian An

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

650 Childs Way
Los Angeles, CA 90089
United States

HOME PAGE: http://priceschool.usc.edu/programs/phd/ppm-phd-students/

Raphael W. Bostic

Federal Reserve Bank of Atlanta

1000 Peachtree Street N.E.
Atlanta, GA 30309-4470
United States

Andrew Jakabovics

affiliation not provided to SSRN

Anthony W. Orlando (Contact Author)

California State Polytechnic University, Pomona - Finance, Real Estate and Law Department ( email )

United States

Seva Rodnyansky

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

Lewis Hall 312
Los Angeles, CA 90089-062
United States

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