The returns to homeownership: an MSA level analysis.(Metropolitan Statistical Areas )

From: Academy of Accounting and Financial Studies Journal | Date: May 1, 2007| Author: | Copyright information

ABSTRACT

This paper examines the returns to homeowners across 208 Metropolitan Statistical Areas (MSAs) over the period 1989 to 1999. We find a significant difference in returns to homeowners across MSAs, with the highest returns in the North Central United States and the lowest returns in New England and the Middle Atlantic states. We also find income growth and the percentage of renters in the MSA impact the returns to homeowners.

INTRODUCTION

Single-family housing--by virtue of its sheer size--represents one of the most significant individual investment categories ...

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