Report

Home Improvement Lending in the Third Federal Reserve District: Patterns by Income, Race, and Gender

Abstract: Historically, local, state, and federal policies in the U.S. have encouraged households of all backgrounds to pursue homeownership because of the various benefits of owning a home, such as wealth building, protection against housing cost inflation, and psychological well-being, among others.1 Research has demonstrated that the financial, physical, and psychological benefits associated with owning a home have accrued to homeowners of all stripes. However, LMI, minority, and elderly households often face financial barriers to sustaining homeownership over the long run.

Keywords: diversity; demographics; homeownership;

Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Cascade Focus

Publication Date: 2018-12

Order Number: 7