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Should Las Vegas Bet On Homeownership? Trends In Housing Affordability And Homeownership, Jenny Schuetz Nov 2019

Should Las Vegas Bet On Homeownership? Trends In Housing Affordability And Homeownership, Jenny Schuetz

Brookings Mountain West Publications

In many parts of the U.S., rents and housing prices are rising faster than household incomes. Low-income families have always been stretched to pay for housing without sacrificing other necessities. In recent years, housing costs have become a larger source of financial stress for middle-income families. While homeownership has been the primary channel for wealth building in the U.S., two recent trends raise questions about whether this is a viable strategy. First, many homeowners suffered severe financial losses due to housing price declines during the Great Recession (2007-2009). Second, homeownership rates for Black and Latino families lag those ...