Measuring Housing Affordability
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Measuring Housing Affordability
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Author : Robert J. Hill
language : en
Publisher:
Release Date : 2015
Measuring Housing Affordability written by Robert J. Hill and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
We draw a distinction between the concepts of purchase affordability (whether a household is able to borrow enough funds to purchase a house) and repayment affordability (the burden imposed on a household of repaying the mortgage). We operationalize this distinction in the context of a new methodology for constructing affordability measures that draws on the value-at-risk concept and takes account of the whole distribution of household income and house prices rather than just the median. Empirically we find that the distinction between purchase and repayment affordability can be pronounced. In the Sydney prime mortgage market over the period 1996 to 2006, repayment affordability deteriorated very significantly while purchase affordability remained quite stable. This difference can be attributed to the loosening of credit constraints in the mortgage market which it seems has carried through primarily into higher house prices. We also consider how median house-price-to-income ratio measures of affordability can be extended to take account of the whole distribution of income and house prices. We propose a new quantile based measure which indicates that the housing affordability problem may be systematically worse than suggested by standard median measures.
Measuring Housing Affordability In An Emerging Market
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Author : Gary J. Rangel
language : en
Publisher:
Release Date : 2017
Measuring Housing Affordability In An Emerging Market written by Gary J. Rangel and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
The problem of housing affordability is a phenomenon that affects both developed and developing countries across the world. Researchers have tried to operationalize measures of housing affordability, resulting in short-run measures such as the median multiple approach, the expenditure-to-income ratio and the residual income approach. Using the lifetime income approach developed by Abeysinghe and Gu (2011), we track and analyze long-run housing affordability in Malaysia at various household income percentiles from 1995 to 2014. We do this via the computation of the Housing Affordability Index and the Mortgage Affordability Index, with the latter based on the intergenerational transfers literature relevant in the Malaysian context. The results show that households at the 25th income percentile cannot afford any of the four dwelling types in Malaysia. For the 40th income percentile and those households at median income levels, high-rise and terrace housing are affordable. However, we document significant downward trends in the housing affordability index and the mortgage affordability index starting in 2009, which indicates increasing housing stress for households at or below the median income. We also demonstrate how contradicting conclusions on housing affordability are reached if a median multiple approach had been used. Based on the results, we contribute to the literature on housing affordability by suggesting general proposals to ameliorate the housing affordability problem in the context of a developing country such as Malaysia.
Measuring Housing Affordability
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Author : Vanessa Brown Calder
language : en
Publisher:
Release Date : 2016
Measuring Housing Affordability written by Vanessa Brown Calder and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Measuring Housing Affordability
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Author : Christine M. E. Whitehead
language : en
Publisher:
Release Date : 2009
Measuring Housing Affordability written by Christine M. E. Whitehead and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Housing categories.
A Comparison Of Indicators Used In Measuring Housing Affordability In Hong Kong And Their Validity
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Author : Kwok Yu Lau
language : en
Publisher:
Release Date : 2001
A Comparison Of Indicators Used In Measuring Housing Affordability In Hong Kong And Their Validity written by Kwok Yu Lau and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Home ownership categories.
Measuring Housing Affordability In Sao Paulo Metropolitan Region
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Author : Arthur Acolin
language : en
Publisher:
Release Date : 2015
Measuring Housing Affordability In Sao Paulo Metropolitan Region written by Arthur Acolin and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
This paper develops a novel measure of affordability for the Sao Paulo metropolitan region that combines housing costs and transportation costs, including opportunity cost associated with commuting time. We also contribute to existing measures of housing affordability in Brazil by imputing housing costs for owners using the owner equivalent rent approach. Our measure enables us to track the evolution of affordability over the period 2007-2013 using PNAD microdata. The results indicate that the number of households spending more than 30 percent of their income on housing or 45 percent or more on housing and transportation costs combined has been increasing rapidly over that period. This measure of affordability can be integrated to a broader measure of housing needs to guide housing policy in addressing housing conditions that have negative effects on individual and social welfare.
Analyzing Measurements Of Housing Affordability
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Author : Zi Cai
language : en
Publisher:
Release Date : 2017
Analyzing Measurements Of Housing Affordability written by Zi Cai and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Housing categories.
Measuring housing affordability is a key challenge for most communities. Traditionally, the 30 percent rent-income ratio has been the cornerstone of housing affordability policies. Recently, however, a number of researchers have recommended new affordability measures. Given the complexity of determining realistic housing affordability, identifying the best and most appropriate measure is a challenge. This thesis is the first research attempt to develop a comprehensive methodological framework for the comparative assessment of commonly used housing affordability indicators. Six housing affordability measures were selected for analysis: NAR Housing Affordability Index, HUD Guideline, Amenity-Based Housing Affordability Index, H+T Affordability Index, Shelter Poverty Measure, and Self-Sufficiency Standard. These measures were compared in terms of their underlying standards, data accuracy, and comprehensiveness. Specific indicators for each of the three components were developed and applied to the six housing affordability indicators. Detailed analysis of the collected data revealed that the Self-Sufficiency Standard measure is the best measure of housing affordability among the six indicators analyzed. This measure outranks each of the other measures on all three dimensions of comparison. Therefore, it is recommended that local planners, stakeholders, and policymakers adopt the Self-Sufficiency Standard to assess housing affordability outcomes.
Measuring Housing Costs And Housing Affordability Using Soep An Example Applied To Older Households
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Author : Alberto Lozano Alcántara
language : en
Publisher:
Release Date : 2020
Measuring Housing Costs And Housing Affordability Using Soep An Example Applied To Older Households written by Alberto Lozano Alcántara and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with categories.
This paper explores the methodological issues to take into account when using SOEP as a database for calculating a measure of housing costs and housing affordability. For this purpose, we focus on the evolution of housing costs for households headed by elderly people between 1998 and 2018. Our review yields two clear conclusions: (1) that SOEP represents a valuable source of data for calculating household housing costs; and (2) that it is important to take changes made in the SOEP questionnaires into account and to make the appropriate assumptions when one wishes to analyse how housing costs have evolved over time (or how they evolve over the life course). Besides, our results confirm previous studies (Romeu Gordo, Grabka, Lozano Alcántara, Engstler, & Vogel, 2019) by showing that housing costs tend to be higher for elderly tenants than for the homeowners and that this difference widened during the period between 1998 and 2018.
Towards A More Nuanced Approach To Measuring Housing Affordability
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Author : Lynch
language : en
Publisher:
Release Date : 2023
Towards A More Nuanced Approach To Measuring Housing Affordability written by Lynch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
Looking Beyond The Median Multiple
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Author : Harshal Chitale
language : en
Publisher:
Release Date : 2017
Looking Beyond The Median Multiple written by Harshal Chitale and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with Housing categories.