First-Time Homebuyers: Toward a New Measure

17 Pages Posted: 24 Oct 2017

See all articles by Arthur Acolin

Arthur Acolin

University of Washington - College of Built Environments

Paul S. Calem

Federal Reserve Banks - Federal Reserve Bank of Philadelphia

Julapa Jagtiani

Federal Reserve Banks - Federal Reserve Bank of Philadelphia

Susan M. Wachter

University of Pennsylvania - Wharton School, Department of Real Estate ; University of Pennsylvania - Finance Department

Date Written: 2017-10-09

Abstract

Existing data sources show divergent estimates of the number of homes purchased by first-time homebuyers as a share of all home purchases. In this paper, we use a new data set to construct a time series of the share of first-time homebuyers. This series, based on the Federal Reserve Bank of New York Equifax Consumer Credit Panel (CCP), shows a significant decline in this share, particularly for young households, which is consistent with the decline in homeownership in this age cohort since the early 2000s.

Keywords: first-time homebuyer, homeownership, credit access, housing market trends

JEL Classification: R30, R31, R38

Suggested Citation

Acolin, Arthur and Calem, Paul S. and Jagtiani, Julapa A. and Wachter, Susan M., First-Time Homebuyers: Toward a New Measure (2017-10-09). FRB of Philadelphia Working Paper No. 17-36. Available at SSRN: https://ssrn.com/abstract=3058016

Arthur Acolin (Contact Author)

University of Washington - College of Built Environments ( email )

224 Gould Hall
Box 355726
Seattle, WA 98195
United States

Paul S. Calem

Federal Reserve Banks - Federal Reserve Bank of Philadelphia ( email )

Ten Independence Mall
Philadelphia, PA 19106-1574
United States

Julapa A. Jagtiani

Federal Reserve Banks - Federal Reserve Bank of Philadelphia ( email )

Ten Independence Mall
Philadelphia, PA 19106-1574
United States

Susan M. Wachter

University of Pennsylvania - Wharton School, Department of Real Estate ( email )

The Wharton School
3620 Locust Walk
Philadelphia, PA 19104-6330
United States
215-898-6355 (Phone)

HOME PAGE: http://real.wharton.upenn.edu/~wachter/index.html

University of Pennsylvania - Finance Department ( email )

The Wharton School
3620 Locust Walk
Philadelphia, PA 19104
United States

HOME PAGE: http://real.wharton.upenn.edu/~wachter/index.html

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