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American Economic Journal: Economic Policy: Vol. 5 No. 1 (February 2013)

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Long-Term Impacts of Individual Development Accounts on Homeownership among Baseline Renters: Follow-Up Evidence from a Randomized Experiment

Article Citation

Grinstein-Weiss, Michal, Michael Sherraden, William G. Gale, William M. Rohe, Mark Schreiner, and Clinton Key. 2013. "Long-Term Impacts of Individual Development Accounts on Homeownership among Baseline Renters: Follow-Up Evidence from a Randomized Experiment." American Economic Journal: Economic Policy, 5(1): 122-45.

DOI: 10.1257/pol.5.1.122

Abstract

We examine the long-term effects of a 1998-2003 randomized experiment in Tulsa, Oklahoma with Individual Development Accounts that offered low-income households 2:1 matching funds for housing down payments. Prior work shows that, among households who rented in 1998, homeownership rates increased more through 2003 in the treatment group than for controls. We show that control group renters caught up rapidly with the treatment group after the experiment ended. As of 2009, the program had an economically small and statistically insignificant effect on homeownership rates, the number of years respondents owned homes, home equity, and foreclosure activity among baseline renters. (JEL D14, H75, R21, R31)

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Authors

Grinstein-Weiss, Michal (Washington U in St Louis)
Sherraden, Michael (Washington U in St Louis)
Gale, William G. (Brookings Institution)
Rohe, William M. (U NC)
Schreiner, Mark (Washington U in St Louis)
Key, Clinton (U NC)

JEL Classifications

D14: Personal Finance
H75: State and Local Government: Health; Education; Welfare; Public Pensions
R21: Urban, Rural, Regional, Real Estate, and Transportation Economics: Housing Demand
R31: Housing Supply and Markets

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