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Sharing Equity with Future Generations: An Evaluation of Long-Term Affordable Homeownership Programs in the USA
Abstract
Shared equity initiatives provide homeownership opportunities to low- and moderate-income families who buy homes at below-market prices. The appreciation that can be earned by resellers is limited to preserve the homes' affordability at resale. This article analyses affordability, personal wealth, security of tenure, and mobility outcomes for seven shared equity programs across the USA. Homebuyers earned returns that were competitive with what they would have received if they had invested in stocks or bonds. In addition, homes remained affordable to lower income buyers over time as the homes were resold. Homeownership under these programs was sustainable: there were very low delinquency and foreclosure rates and many families who sold their homes were able to use their sales' proceeds to purchase market-rate homes. Owners also showed little evidence of being locked in place, and moved to new homes at rates near the national average.
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“In contrast, studies to date have shown that uS models of subsidy retention have been easy to manage at exit and able to support smooth transitions out of the programmer, while also being able to retain affordability (e.g., Davis & Demetrowitz, 2003;Temkin et al., 2013).”
From Research, market, and policy implications of permanently affordable housing: lessons from Australian discussions about community land trusts (2024) · cites this paper as Temkin et al., 2013
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Crabtree-Hayes, L. (2024) · International Journal of Housing Policy · doi:10.1080/19491247.2024.2367830 · Cited by 8
Metadata
- Authors
- Temkin, K. M., Theodos, B., & Price, D.
- Affiliations
- Urban Institute (US)
- Stanford University (US)
- Corresponding author
- Temkin, Kenneth Mark
- Venue
- Housing Studies
- Publisher
- Informa UK Limited
- Published
- 2013-01-25
- Volume
- 28
- Issue
- 4
- Pages
- 553-578
- ISSN
- 0267-3037 (ISSN-L)
- 1466-1810
- OpenAlex
- W1982484821
- Cited by
- 35
- References
- 0
- Citations by year
- 2026: 3 · 2025: 1 · 2024: 3 · 2023: 1 · 2022: 6 · 2021: 2 · 2020: 2 · 2019: 4 · 2018: 4 · 2016: 4 · 2015: 4 · 2014: 1
- FWCI
- 7.02
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Housing Studies (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Funders
- Impact Fund
- National Centre for Biological Sciences
- Topics
- Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Housing Market and Economics
- Social Sciences › Urban Studies › Collaborative and Sustainable Housing Initiatives
- Social Sciences › Economics, Econometrics and Finance › Finance › Housing, Finance, and Neoliberalism
- Keywords
- housing affordability, tenure security, residential mobility, foreclosure rates, delinquency rates, private wealth, housing policy evaluation
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