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The Other Side of the White Picket Fence

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dc.contributor.authorBridges, Robert
dc.contributor.authorKianmahd, Michael
dc.date.accessioned2020-09-04T17:27:01Z
dc.date.available2020-09-04T17:27:01Z
dc.date.issued2011-07-01
dc.description.abstract[Excerpt] At the risk of heaping more misery on the struggling residential property market, an analysis of home price and ownership data for period of the last 30 years in California - the golden state with notoriously golden property prices – shows that the average single family house has not been a particularly stellar investment. Over that period, a typical homebuyer would have been wise to learn a thing or two about disciplined investing, and would have been better advised to consider putting his or her money elsewhere if the goals were to build net worth and financial security. The popular misconception that houses are always great investments has wider economic implications as well, as our society becomes increasingly concerned with providing generally for retirement security and housing affordability. Excessive public policy emphasis on owneroccupied housing for social objectives, and reliance on homebuilding as a provider of short-term economic stimulus, may also cause capital to be diverted from more productive investments, and misallocate increasingly scarce public resources. Even if the recent crash is ignored, a house, despite our government’s herculean efforts to give all of us a chance to buy one, may not have been the greatest place to put one’s hard earned money.
dc.description.legacydownloads2011_12_17_Bridges___Kianmahd.pdf: 268 downloads, before Aug. 1, 2020.
dc.identifier.other5204441
dc.identifier.urihttps://hdl.handle.net/1813/70682
dc.language.isoen_US
dc.relation.ispartofseriesCornell Real Estate Review
dc.rightsRequired Publisher Statement: © Cornell University. Reprinted with permission. All rights reserved.
dc.subjecthouse
dc.subjecthome
dc.subjectresidential
dc.subjectproperty
dc.subjectmarket
dc.subjectpublic policy
dc.subjectprices
dc.subjectsingle family
dc.subjectinvestment
dc.subjecthomebuyer
dc.subjecthomeowner
dc.subjectshort-term
dc.subjectlong-term
dc.subjecteconomic stimulus
dc.subjectmoney
dc.subjectFreddie Mac
dc.subjectFannie Mae
dc.subjectUS Census Department
dc.subjectrecovery
dc.subjectreverse mortgage
dc.subjectmortgage
dc.subjectfinance
dc.subjectCornell
dc.subjectreal estate
dc.titleThe Other Side of the White Picket Fence
dc.typearticle
local.authorAffiliationBridges, Robert: University of Southern California
local.authorAffiliationKianmahd, Michael: JPMorgan Chase
schema.issueNumberVol. 9

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CRER Vol. 09 (2011)