How Do Mortgage Subsidies Affect Home Ownership? Evidence from the Mid-Century GI Bills
The largest twentieth-century increase in US home ownership occurred between 1940 and 1960, associated largely with declining age at first ownership. I shed light on the contribution of coincident government mortgage market interventions by examining home loan benefits granted under the World War II...
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| Veröffentlicht in: | American economic journal. Economic policy 2013-05, Vol.5 (2), p.111-147 |
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| creator | Fetter, Daniel K. |
| description | The largest twentieth-century increase in US home ownership occurred between 1940 and 1960, associated largely with declining age at first ownership. I shed light on the contribution of coincident government mortgage market interventions by examining home loan benefits granted under the World War II and Korean War GI Bills. Veterans'benefits increased home ownership rates primarily by shifting purchase earlier in life, explaining 7.4 percent of the overall 1940-1960 increase, and 25 percent of the increase for affected cohorts. A rough extrapolation suggests that broader changes in mortgage terms can explain 40 percent of the 1940-1960 increase. |
| doi_str_mv | 10.1257/pol.5.2.111 |
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Economic policy</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Fetter, Daniel K.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>How Do Mortgage Subsidies Affect Home Ownership? Evidence from the Mid-Century GI Bills</atitle><jtitle>American economic journal. Economic policy</jtitle><date>2013-05-01</date><risdate>2013</risdate><volume>5</volume><issue>2</issue><spage>111</spage><epage>147</epage><pages>111-147</pages><issn>1945-7731</issn><eissn>1945-774X</eissn><abstract>The largest twentieth-century increase in US home ownership occurred between 1940 and 1960, associated largely with declining age at first ownership. I shed light on the contribution of coincident government mortgage market interventions by examining home loan benefits granted under the World War II and Korean War GI Bills. Veterans'benefits increased home ownership rates primarily by shifting purchase earlier in life, explaining 7.4 percent of the overall 1940-1960 increase, and 25 percent of the increase for affected cohorts. A rough extrapolation suggests that broader changes in mortgage terms can explain 40 percent of the 1940-1960 increase.</abstract><pub>American Economic Association</pub><doi>10.1257/pol.5.2.111</doi><tpages>37</tpages><oa>free_for_read</oa></addata></record> |
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| ispartof | American economic journal. Economic policy, 2013-05, Vol.5 (2), p.111-147 |
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| language | eng |
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| source | PAIS Index; American Economic Association; JSTOR |
| subjects | 20th century Age groups Analysis Censuses Down payments Economic policy Economic theory Estimates Federal regulation Home loans Home ownership Home ownership rates Housing Housing policy Korean War Loan payments Military benefits Military service Mortgage loans Mortgages Studies Subsidies Veterans World War II World wars |
| title | How Do Mortgage Subsidies Affect Home Ownership? Evidence from the Mid-Century GI Bills |
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