Home ownership and housing costs Between dream and nightmare

Chapter 4 concentrates on new household formation and the tenure choices of younger age groups. Not only have the young experienced lower rates of home ownership than previous generations, but they are more likely to remain with parents for longer or share with those in a similar position. The UK is not alone and many other countries have experienced similar trends. Since younger households are now more likely to rent privately for longer, the chapter discusses whether this represents a change in preferences – renting is more flexible – or whether young households are constrained from entering home ownership by high housing costs, credit constraints, job insecurity, competition from the Buy to Let market, demand from older households and from those wanting second homes.

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The Housing Legacy of Thatcherism

The Legacy of Thatcherism ◽

10.5871/bacad/9780197265703.003.0008 ◽

2014 ◽

Cited By ~ 2

Author(s):

Alan Murie

Keyword(s):

Housing Policy ◽

Home Ownership ◽

The State ◽

Housing Finance ◽

Housing Associations ◽

Housing Investment ◽

Housing Costs ◽

Housing Rights ◽

Housing Benefit ◽

And Control

Housing policy was a key part of the Thatcherite project of privatization and rolling back the state. Alongside important continuities in housing policy distinctive actions were taken to dismantle council housing, deregulate and demutualize housing finance and deregulate the private rented sector. These actions changed housing rights, ownership and control of housing, the nature of housing transactions and tenures and patterns of financing and debt. While home ownership and private wealth, the enduring legacy has been greater dependency on the state through housing benefit, a decline in local and mutual agencies, greater housing insecurity and inequality and volatility in housing investment. Housing associations’ response enabled their significant growth and made their regulation increasingly important. In the longer term investment in private renting, continuing housing shortage, rising housing costs and problems in housing finance have affected access to housing and national as well as household budgets.

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Housing Tenure and Generational Equity

Ageing and Society ◽

10.1017/s0144686x00010813 ◽

1984 ◽

Vol 4 (3) ◽

pp. 249-272 ◽

Cited By ~ 25

Author(s):

Hal. L. Kendig

Keyword(s):

Older People ◽

Home Ownership ◽

The United States ◽

Housing Tenure ◽

Policy Implications ◽

Social Classes ◽

Generational Equity ◽

Age Related ◽

Housing Costs ◽

Financial Impacts

ABSTRACTHome ownership is one of the principal ways of redistributing income over the life cycle. Older people who have bought homes during their working years have a substantial asset which cushions the financial shock of reduced income in old age. But those who have never been able to buy can be hard pressed as housing costs continue at high levels. This article examines the financial impacts of home ownership on inter- and intra-generational equity in Australia, Britain and the United States. It begins by showing how access to home-ownership has been influenced by the opportunities available to different social classes in different periods of history. After identifying the financial situation of older owners and tenants, the discussion considers how public policies toward housing tenure further reduce age-related inequalities yet increase them within the aged. The transfer of housing resources from older to younger generations is shown to perpetuate inequalities between generations and lineages. The paper concludes by exploring the policy implications of the increasing diversity in the resources of older people, and their improved economic circumstances relative to younger generations over the decades ahead.

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The distribution of unlevered housing in American urban areas

International Journal of Social Economics ◽

10.1108/ijse-09-2016-0258 ◽

2018 ◽

Vol 45 (5) ◽

pp. 765-775

Author(s):

Du Lijing ◽

Jian Huang ◽

Daniel Singer ◽

Gokhan Torna

Keyword(s):

Urban Areas ◽

Home Ownership ◽

Housing Tenure ◽

Economic Factors ◽

Content Type ◽

Sustainable Housing ◽

Housing Costs ◽

The Social ◽

Us Census ◽

The Impact

Purpose The purpose of this paper is to investigate the impact of social and economic factors on home ownership as an investment in American urban areas. Design/methodology/approach The authors run a spatial analysis using home ownership data on 817 American counties from US Census Bureau’s 2013 American Community Survey. Findings While the amenity value of home ownership is found to be important to overall housing tenure decisions, it is found to be less so for the ownership cohort without mortgages. Economic factors are found to impact the spatial pattern of owner-occupied housing without mortgage differently than that of all owner-occupied housing. The implications of these differences for investors are explored. Research limitations/implications The results may lack generalizability outside of the American urban areas. Practical implications As a result of the findings of this study, a shift in investor focus from minimizing initial housing costs to sustainable housing costs is recommended. Originality/value This study provides insights into the social and economic dimensions of owner-occupied housing in order to create a more profitable investing policy for promoting home ownership.

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Ein anderer Blick auf die Subprime-Krise

PROKLA Zeitschrift für kritische Sozialwissenschaft ◽

10.32387/prokla.v38i153.452 ◽

2008 ◽

Vol 38 (153) ◽

pp. 561-568

Author(s):

Peter Marcuse

Keyword(s):

Affordable Housing ◽

Home Ownership ◽

Radical Change ◽

Housing System ◽

Government Programs ◽

Subprime Mortgage ◽

Large Numbers ◽

Housing Costs ◽

Mortgage Crisis ◽

Educational Campaign

What is called the "subprime mortgage crisis" reflects an underlying crisis in the housing system: the inability of the market to provide adequate and affordable housing for large numbers of Americans. Household income is too low, and profit expectations by the private housing market are too high. Until today, this problem was met by government programs that tried to maintain the two causes of that inadequacy: promoting for lower-income households private home ownership, in homes supplied by the private market. Re-regulation of this market or mild answers like relief for distressed homeowners won't solve the problem. A radical change is needed. At the ideological level we need an educational campaign to illuminate the limits of home "ownership" and the range of available alternatives. At the economical level public financing has to cover the gap between even regulated housing costs and ability to pay until adequate incomes are guaranteed.

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