Mortgage Costs as a Share of Housing Costs—Placing the Cost of Credit in Broader Context

References

• Acquaye, L. (2011). Low-income homeowners and the challenges of home maintenance. Community Development, 42(1), 16–33. https://doi.org/10.1080/15575330.2010.491154
   Google Scholar
• Agarwal, S., Ben-David, I., & Yao, V. (2017). Systematic mistakes in the mortgage market and lack of financial sophistication. Journal of Financial Economics, 123(1), 42–58. https://doi.org/10.1016/j.jfineco.2016.01.028
   Web of Science ®Google Scholar
• Beer, R., Ionescu, F., & Li, G. (2018). Are income and credit scores highly correlated? FEDS Notes. Washington: Board of Governors of the Federal Reserve System, August 13, 2018. https://doi.org/10.17016/2380-7172.2235
   Google Scholar
• Begley, J., Fout, H. B., LaCour-Little, M., & Mota, N. (2021). Benchmarking a new affordable home mortgage. Available at SSRN 3910816.
   Google Scholar
• Begley, J., & Lambie-Hanson, L. (2015). The home maintenance and improvement behaviors of older adults in Boston. Housing Policy Debate, 25(4), 754–781. https://doi.org/10.1080/10511482.2015.1004097
   Web of Science ®Google Scholar
• Belsky, E. S., Retsinas, N., & Duda, M. (2018). 9. The financial returns to low-income homeownership. Cornell University Press.
   Google Scholar
• Bendimerad, A. (2005). Understanding generational differences in home remodeling behavior. Joint Center for Housing Studies, Graduate School of Design [and] John F. Kennedy School of Government, Harvard University.
   Google Scholar
• Bhutta, N., Fuster, A., & Hizmo, A. (2020). Paying too much? Price dispersion in the US mortgage market. Federal Reserve Board.
   Google Scholar
• Bhutta, N., & Hizmo, A. (2021). Do minorities pay more for mortgages? The Review of Financial Studies, 34(2), 763–789. https://doi.org/10.1093/rfs/hhaa047
   Web of Science ®Google Scholar
• Bourassa, S. C., & Haurin, D. R. (2016). A dynamic housing affordability index. International Real Estate Review, 20, 251–286.
   Google Scholar
• Caplin, A., Cororaton, A., & Tracy, J. (2015). Is the FHA creating sustainable homeownership? Real Estate Economics, 43(4), 957–992. https://doi.org/10.1111/1540-6229.12106
   Web of Science ®Google Scholar
• Christensen, P., & Timmins, C. (2022). Sorting or steering: The effects of housing discrimination on neighborhood choice. Journal of Political Economy, 130(8), 2110–2163. https://doi.org/10.1086/720140
   Web of Science ®Google Scholar
• Consumer Finance Protection Bureau (CFPB). (2021). Data point: 2020 mortgage market activity and trends. Consumer Finance Protection Bureau Report.
   Google Scholar
• Davidoff, T. (2004). Maintenance and the home equity of the elderly. Fisher Center for Real Estate and Urban Economics Paper 03-288.
   Google Scholar
• Davis, M. A., Larson, W. D., Oliner, S. D., & Smith, B. R. (2023). A quarter century of mortgage risk. Review of Finance, 27(2), 581–618. https://doi.org/10.1093/rof/rfac034
   Web of Science ®Google Scholar
• Díaz, A., & Luengo-Prado, M. J. (2008). On the user cost and homeownership. Review of Economic Dynamics, 11(3), 584–613. https://doi.org/10.1016/j.red.2007.12.002
   Web of Science ®Google Scholar
• DiPasquale, D., & Glaeser, E. L. (1999). Incentives and social capital: Are homeowners better citizens? Journal of Urban Economics, 45(2), 354–384. https://doi.org/10.1006/juec.1998.2098
   Web of Science ®Google Scholar
• Divringi, E., Wallace, E., Wardrip, K., & Nash, E. (2019). Measuring and understanding home repair costs: A national typology of households. Federal Reserve Bank of Philadelphia and PolicyMap. https://www.policymap.com/issues/housing-quality
   Google Scholar
• Eastman, S., & Tyger, A. (2019). The home mortgage interest deduction. Tax Foundation Fiscal Fact No. 671. Tax Foundation.
   Google Scholar
• Eberly, J., & Krishnamurthy, A. (2014). Efficient credit policies in a housing debt crisis. Brookings Papers on Economic Activity, 2014(2), 73–136. https://doi.org/10.1353/eca.2014.0013
   Google Scholar
• Faber, J. W. (2018). Segregation and the geography of creditworthiness: Racial inequality in a recovered mortgage market. Housing Policy Debate, 28(2), 215–247. https://doi.org/10.1080/10511482.2017.1341944
   Web of Science ®Google Scholar
• Fannie Mae. (2021). Annual housing activities report, annual mortgage report 2020. Fannie Mae Report. https://www.fanniemae.com/about-us/corporate-governance/ahar-and-amr
   Google Scholar
• Federal Housing Finance Agency (FHFA). (2020). Fannie Mae and Freddie Mac single-family guarantee-fees in 2019. https://www.fhfa.gov/AboutUs/Reports/ReportDocuments/GFee-Report-2019.pdf
   Google Scholar
• Flippen, C. (2004). Unequal returns to housing investments? A study of real housing appreciation among black, white, and Hispanic households. Social Forces, 82(4), 1523–1551. https://doi.org/10.1353/sof.2004.0069
   Web of Science ®Google Scholar
• Fout, H., Li, G., Palim, M., & Pan, Y. (2020). Credit risk of low income mortgages. Regional Science and Urban Economics, 80, 103390. https://doi.org/10.1016/j.regsciurbeco.2018.07.013
   Web of Science ®Google Scholar
• Fout, H., & Oundee, O. S. (2020). Homeowner Mobility and Impediments to Moving. Fannie Mae Housing Insights Research. https://www.fanniemae.com/research-and-insights/publications/homeowner-mobility-and-impediments-moving-housing-insights
   Google Scholar
• Fuller, M. C. (2010). Driving demand for home energy improvements: Motivating residential customers to invest in comprehensive upgrades that eliminate energy waste, avoid high utility bills, and spur the economy. No. LBNL-3960E. Lawrence Berkeley National Lab.(LBNL).
   Google Scholar
• Fuster, A., Goodman, L., Lucca, D., Madar, L., Molloy, L., & Willen, P. (2013). The rising gap between primary and secondary mortgage rates. Economic Policy Review, 19(2), 17–39.
   Google Scholar
• Fuster, A., Hizmo, A., Lambie-Hanson, L., Vickery, J., & Willen, P. S. (2021). How resilient is mortgage credit supply? evidence from the covid-19 pandemic. No. w28843. National Bureau of Economic Research.
   Google Scholar
• Gerardi, K. S., Lambie-Hanson, L., & Willen, P. S. (2021). Racial differences in mortgage refinancing, distress, and housing wealth accumulation during covid-19. FRB of Philadelphia Payment Cards Center Discussion Paper, 21(2). https://www.philadelphiafed.org/-/media/frbp/assets/consumer-finance/discussion-papers/dp21-02.pdf
   Google Scholar
• Gerardi, K., Willen, P., & Zhang, D. H. (2023). Mortgage prepayment, race, and monetary policy. Journal of Financial Economics, 147(3), 498–524.
   Google Scholar
• Goodman, L. S. (2017). Quantifying the tightness of mortgage credit and assessing policy actions. Boston College Journal of Law & Social Justice, 37, 235.
   Google Scholar
• Goodman, L., Li, W., & Zhu, J. (2018). Housing affordability: Local and national perspectives. Housing Finance Policy Center Research Report.
   Google Scholar
• Goodman, L. S., & Mayer, C. (2018). Homeownership and the American dream. Journal of Economic Perspectives, 32(1), 31–58. https://doi.org/10.1257/jep.32.1.31
   Web of Science ®Google Scholar
• Gyourko, J., & Tracy, J. (2006). Using home maintenance and repairs to smooth variable earnings. Review of Economics and Statistics, 88(4), 736–747. https://doi.org/10.1162/rest.88.4.736
   Web of Science ®Google Scholar
• Haupert, T. (2022). The racial landscape of Fintech mortgage lending. Housing Policy Debate, 32(2), 337–368. https://doi.org/10.1080/10511482.2020.1825010
   Web of Science ®Google Scholar
• Hembre, E., Moulton, S., & Record, M. (2021). Low‐income homeownership and the role of state subsidies: A comparative analysis of mortgage outcomes. Journal of Policy Analysis and Management, 40(1), 78–106. https://doi.org/10.1002/pam.22240
   Web of Science ®Google Scholar
• Hendershott, P. H., & Shilling, J. D. (1980). The economics of tenure choice: 1955–79. NBER Working Paper # 0543. National Bureau of Economic Research.
   Google Scholar
• Herbert, C. E., McCue, D. T., & Sanchez-Moyano, R. (2013). Is homeownership still an effective means of building wealth for low-income and minority households? (Was it ever?) Homeownership Built to Last, 10(2), 5–59.
   Google Scholar
• Himmelberg, C., Mayer, C., & Sinai, T. (2005). Assessing high house prices: Bubbles, fundamentals and misperceptions. Journal of Economic Perspectives, 19(4), 67–92. https://doi.org/10.1257/089533005775196769
   Web of Science ®Google Scholar
• Holupka, C. S., & Newman, S. J. (2011). The housing and neighborhood conditions of America’s children: Patterns and trends over four decades. Housing Policy Debate, 21(2), 215–245. https://doi.org/10.1080/10511482.2011.567289
   Web of Science ®Google Scholar
• Immergluck, D., Earl, S., & Powell, A. (2019). Black homebuying after the crisis: Appreciation patterns in fifteen large metropolitan areas. City & Community, 18(3), 983–1002. https://doi.org/10.1111/cico.12436
   Web of Science ®Google Scholar
• Joint Center for Housing Studies (JCHS). (2021). Improving America’s Housing 2021. Joint Center for Housing Studies of Harvard University Report.
   Google Scholar
• Karamon, K., Liu, L., & McManus, D. (2022). The Drivers of Financial Stress and Sustainable Homeownership. Freddie Mac Research Note. https://www.freddiemac.com/research/insight/20221207-drivers-financial-stress-and-sustainable-homeownership
   Google Scholar
• Kermani, A., & Wong, F. (2021). Racial disparities in housing returns. No. w29306. National Bureau of Economic Research.
   Google Scholar
• Keys, B. J., Pope, D. G., & Pope, J. C. (2016). Failure to refinance. Journal of Financial Economics, 122(3), 482–499. https://doi.org/10.1016/j.jfineco.2016.01.031
   Web of Science ®Google Scholar
• Korver-Glenn, E. (2018). Compounding inequalities: How racial stereotypes and discrimination accumulate across the stages of housing exchange. American Sociological Review, 83(4), 627–656. https://doi.org/10.1177/0003122418781774
   Web of Science ®Google Scholar
• Langley, A. H., & Youngman, J. (2021). Property tax relief for homeowners. Lincoln Institute of Land Policy: Policy Focus Report. https://www.lincolninst.edu/publications/policy-focus-reports/property-tax-relief-homeowners
   Google Scholar
• Lee, D., & Tracy, J. S. (2018). Long-term outcomes of FHA first-time homebuyers. Available at SSRN 3298997
   Google Scholar
• Malliaris, S., Rettl, D. A., & Singh, R. (2022). Is competition a cure for confusion? Evidence from the residential mortgage market. Real Estate Economics, 50(1), 206–246. https://doi.org/10.1111/1540-6229.12340
   Web of Science ®Google Scholar
• Mayer, N. S., & Lee, O. (1981). Federal home repair programs and elderly homeowners’ needs. The Gerontologist, 21(3), 312–322. https://doi.org/10.1093/geront/21.3.312
   PubMed Web of Science ®Google Scholar
• Melzer, B. T. (2017). Mortgage debt overhang: Reduced investment by homeowners at risk of default. The Journal of Finance, 72(2), 575–612. https://doi.org/10.1111/jofi.12482
   Web of Science ®Google Scholar
• Mortgage Bankers Association (MBA). (2021). Annual mortgage bankers performance report| 2020 data. Mortgage Bankers Association.
   Google Scholar
• Mota, N., Palim, M., & Woodward, S. (2022). Mortgages are still confusing… and it matters – how borrower attributes and mortgage shopping behavior impact costs. Fannie Mae Working Paper. https://www.fanniemae.com/research-and-insights/publications/borrower-attributes-and-mortgage-shopping-behavior
   Google Scholar
• Mota, N., & Palim, M. (2021). Barriers to entry: Closing costs for first-time and low-income homebuyers. Fannie Mae Working Paper. Fannie Mae.
   Google Scholar
• Moulton, S., Loibl, C., Samak, A. N. Y. A., & Michael Collins, J. (2013). Borrowing capacity and financial decisions of low‐to‐moderate income first‐time homebuyers. Journal of Consumer Affairs, 47(3), 375–403. https://doi.org/10.1111/joca.12021
   Web of Science ®Google Scholar
• Moulton, S. (2022). Researching homeownership inequalities. Cityscape, 24(2), 153–164.
   Web of Science ®Google Scholar
• Murray, A. G., & Mills, B. F. (2014). The impact of low‐income home energy assistance program participation on household energy insecurity. Contemporary Economic Policy, 32(4), 811–825. https://doi.org/10.1111/coep.12050
   Web of Science ®Google Scholar
• Newman, S. J., & Scott Holupka, C. (2016). Is timing everything? Race, homeownership and net worth in the tumultuous 2000s. Real Estate Economics, 44(2), 307–354. https://doi.org/10.1111/1540-6229.12118
   Web of Science ®Google Scholar
• Perl, L. (2015). LIHEAP: program and funding. Library of Congress, Congressional Research Service.
   Google Scholar
• Quigley, J. M., & Raphael, S. (2004). Is housing unaffordable? Why isn’t it more affordable? Journal of Economic Perspectives, 18(1), 191–214. https://doi.org/10.1257/089533004773563494
   Web of Science ®Google Scholar
• Rohe, W. M., Cowan, S. M., & Quercia, R. (2010). Supporting low-income homeowners: lessons from a program to coordinate weatherization and rehabilitation services. Housing Policy Debate, 20(3), 523–546. https://doi.org/10.1080/10511481003788687
   Web of Science ®Google Scholar
• Roll, S., & Moulton, S. (2019). Credit counseling and consumer credit trajectories. Economic Inquiry, 57(4), 1981–1996. https://doi.org/10.1111/ecin.12802
   Web of Science ®Google Scholar
• Rosen, H. S., & Rosen, K. T. (1980). Federal taxes and homeownership: Evidence from time series. Journal of Political Economy, 88(1), 59–75. https://doi.org/10.1086/260847
   Web of Science ®Google Scholar
• Santiago, A. M., Galster, G. C., Santiago-San Roman, A. H., Tucker, C. M., Kaiser, A. A., & Grace, R. A. (2010). Foreclosing on the American dream? The financial consequences of low-income homeownership. Housing Policy Debate, 20(4), 707–742. https://doi.org/10.1080/10511482.2010.506194
   Web of Science ®Google Scholar
• Santiago, A. M., Galster, G., Tucker, C., Santiago-San Roman, A., & Kaiser, A. (2011). Be it ever so humble, there’s no place like home: The experiences of low-income, minority homebuyers. In R. M. Silverman & K. L. Patterson (Eds.), Fair and affordable housing in the US (pp. 289–342). Brill.
   Google Scholar
• Schnare, A., Cutts, A. C., & Perry, V. G. (2022). Be careful what you ask for: The economic impact of changing the structure of real estate agent fees. Available at SSRN 4106600.
   Google Scholar
• Smith, L. B., Rosen, K. T., & Fallis, G. (1988). Recent developments in economic models of housing markets. Journal of Economic Literature, 26(1), 29–64.
   Web of Science ®Google Scholar
• Smith, M. H., & Smith, G. (2006). Bubble, bubble, where’s the housing bubble? Brookings Papers on Economic Activity, 2006(1), 1–67. https://doi.org/10.1353/eca.2006.0019
   Google Scholar
• Turner, M. A., Levy, D. K., Wissoker, D. A., Aranda, C. L., Pitingolo, R., & Santos, R. (2013). Housing discrimination against racial and ethnic minorities 2012. HUD Office of Policy Development & Research Research Report.
   Google Scholar
• Urban Institute. (2021). Housing finance at glance: A monthly chartbook. Urban Institute: Housing Finance Policy Center Report.
   Google Scholar
• Van Zandt, S., & Rohe, W. M. (2011). The sustainability of low-income homeownership: The incidence of unexpected costs and needed repairs among low-income home buyers. Housing Policy Debate, 21(2), 317–341. https://doi.org/10.1080/10511482.2011.576525
   Web of Science ®Google Scholar
• Vandenbroucke, D. A. (2011). Housing affordability data system. HUD Brief.
   Google Scholar