Homeownership is a topic much in the news these days, but not always for good reasons. Increasing the homeownership rate has been a goal of U.S. housing policy since after World War II. Homeowners have been seen as contributing to stable communities, and buying homes that appreciate in value has been one of the ways that many Americans have accumulated wealth and ensured themselves of a secure retirement. The Women’s Foundation has included promoting sustainable homeownership as one of the tools for helping women-headed families achieve economic success.
The national homeownership rate remained stuck at a little over 60 percent for decades, until the housing boom that started in the late 1990s. New homebuyers flooded the market and lenders competed with each other to make more and bigger mortgages. Unfortunately, as we now know, much of this lending was ill-advised and unsustainable. Risky subprime loans were promoted to borrowers who could not afford rising monthly payments. The over-inflated housing bubble eventually burst, dragging down the rest of the economy with it. In the aftermath, a rising tide of mortgage foreclosures has eroded the homeownership and wealth gains of the decade, leaving many families and communities vulnerable.
Where does this leave women homeowners in our region today? At the 6th annual Stepping Stones Research Briefing, being held on Friday, May 20th at the Urban Institute, I will present the latest data on women homeowners in the Washington region and what changes we have seen in this group over the past decade. What kinds of women are homeowners, and how do their characteristics compare with homebuyers overall? Did women homeowners gain or lose ground during the recent housing boom and bust?
My co-panelists will examine other aspects of the national and regional housing situation, including who is being affected by foreclosures and the adequacy of local funding for affordable rental housing. We hope that many of you will be able to join us for this timely and important discussion.
Registration for the research briefing has ended. If you did not get an opportunity to register, please join us on Twitter. We’re @thewomensfndtn and will be using the hashtag #SSRB starting at 9am on Friday, May 20th.
Peter Tatian is a senior research associate at The Urban Institute.
