Does Homeownership Reduce Wealth Disparities for Low-Income and Minority Households?
利用美国住房选择券计划数据，研究发现购房能增加低收入家庭的财富积累，但少数族裔家庭并未获得同等收益，表明购房本身无法缩小种族财富差距。
Abstract We use the U.S. Department of Housing and Urban Development’s Housing Choice Voucher program as a setting to evaluate the interaction of homeownership and race on the wealth accumulation of low-income households. Using a within-treatment difference-in-differences framework, we establish that low-income households that receive assistance in owning a home experience increased wealth accumulation relative to their tenure as renters. These wealth gains are not present among low-income minority households. Our findings provide evidence that homeownership is a driver of wealth formation for low-income households and that homeownership does not inherently reduce racial disparities in wealth..