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Using Individual Development Accounts To Save For A Home: Are There Differences By Race?, Michal Grinstein-Weiss, Kristen Wagner
Using Individual Development Accounts To Save For A Home: Are There Differences By Race?, Michal Grinstein-Weiss, Kristen Wagner
Center for Social Development Research
Research indicates that homeownership is a key variable in wealth accumulation. Using data from the American Dream Demonstration, this study examines the performance of low-incomeblacks and whites saving for homeownership through Individual Development Accounts (IDAs), a matched saving program. Results show black IDA participants saved smaller amounts and less frequently. Furthermore, findings suggest institutional variables have different associations with savings for blacks and whites. Implications for policymakers and program administrators are discussed regarding differential targeting of race groups in the design and implementation of programs aimed toward increasing savings and assets accumulation for low-income and minority households.
Homeownership Across The American Life Course: Estimating The Racial Divide, Thomas A. Hirschl, Mark R. Rank
Homeownership Across The American Life Course: Estimating The Racial Divide, Thomas A. Hirschl, Mark R. Rank
Center for Social Development Research
Homeownership has historically been viewed as a fundamental piece of the American Dream, with up to 70 percent of households owning their home as of 2006. Yet it has also been demonstrated that nonwhites are less likely to own a home and that the value of their homes is much less than that for whites, even when social class is taken into account. This paper explores the overall life course patterns of homeownership and the importance of racial differences in understanding those dynamics. Based upon a life table methodology, we examine the homeownership patterns for individuals between the ages of …