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Working Paper
Measuring household wealth in the Panel Study of Income Dynamics: the role of retirement assets
While the Panel Study of Income Dynamics (PSID) has much to offer researchers studying household behavior, one limitation is that its summary measure of wealth is not as broad as those of other commonly used surveys, such as the Survey of Consumer Finances (SCF), because it does not include the value of defined-contribution (DC) pensions. This paper describes the pension data available in the PSID and shows how they can be used to create a more comprehensive picture of household finances. We then compare various measures derived from these data with their counterparts from the SCF. Along a ...
Journal Article
Using Tax-Time Savings Programs to Build Assets
The recent financial crisis and subsequent recession had a debilitating effect on the wealth of many American families. In a report produced by the Federal Reserve Bank of St. Louis, it was estimated that household wealth declined 26 percent from its peak in 2007 to the trough in 2009. Not surprisingly, low- and moderate-income (LMI) families, who were already struggling financially prior to the crisis, were among the hardest hit. In 2008, nearly 30 percent of low-income families had zero or negative net worth.
Discussion Paper
Informal Homeownership Issues: Tracking Contract for Deed Sales in the Southeast
Since the Great Recession, homeownership rates have dropped and the wealth divide has widened for low-income and racial and ethnic minority households. Homeownership is a significant contributor to household balance sheets and generator of household wealth, particularly for these populations. {{p}} A contract for deed is a seller-financed real estate contract consisting of installment payments. For households that desire the financial and physical security of owning a home, contracts for deed may provide an inexpensive option. However, risks may exist. Unlike the recipient of a mortgage, the ...