Drive 'Til You Qualify: Credit quality and household location

Hanson, Andrew; Schnier, Kurt E.; Turnbull, Geoffrey K.

doi:10.1016/j.regsciurbeco.2011.06.001

Cited by 10 publications

(3 citation statements)

References 20 publications

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“…Avery, Brevoort, and Canner (2007) suggested that these lenders together account for about 80 percent of home lending nationwide. Recent research using HMDA mortgage application data include Munnell et al (1996), Sufi (2009), Goodman andSmith (2010), and Hanson, Schnier, and Turnbull (2012). HDMA data are available for census tracts in all U.S. cities, so analysis of these data is not limited to a specific metropolitan area, generating considerable cross-sectional variation.…”

Section: The Importance Of Sports Facilities For Local Redevelopmentmentioning

confidence: 99%

New Sports Facilities and Residential Housing Markets

Huang

Humphreys

2014

Journal of Regional Science

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Using data from 56 professional sports facilities opened between 1995 and 2008, we find what at first appears to be a substantial effect of new sports facilities on housing markets. The opening of a new facility is associated with an increase in residential mortgage applications in nearby areas of about 20 percent. However, much of the differential is due to facility location. The new facilities locate in areas which grew faster even if they were not near a new facility. Based on regressions using census‐tract level data, we find that conditioning on local income and poverty rates reduces the effect by more than a half, suggesting that characteristics of locations drive much the increase on mortgage applications associated with new sports facilities.

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Section: The Importance Of Sports Facilities For Local Redevelopmentmentioning

confidence: 99%

New Sports Facilities and Residential Housing Markets

Huang

Humphreys

2014

Journal of Regional Science

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“…The drive-to-qualify literature suggests that the economic burdens Millennials face would lead them to purchase homes in suburban areas where land is cheap. This literature describes how budget constraints and increases in the cost of mortgages lead to homeowners buying farther away from job centers (Blackman and Krupnick 2001; Hanson, Schnier, and Turnbull 2012). This research suggests that Millennials facing lower incomes, higher costs of credit, and higher debt burdens might choose to live even farther from city centers.…”

Section: Literature Reviewmentioning

confidence: 99%

“…For example, research has found that an increase in mortgage costs can lead to the "drive to qualify," in which households locate farther from the CBD until they can find housing cheap enough to meet mortgage hurdles (Blackman and Krupnick 2001). Others have found evidence of credit sorting, in which individuals with lower credit scores and higher interest rates live farther away from city centers (Hanson, Schnier, and Turnbull 2012).…”

Section: Introductionmentioning

confidence: 99%

Millennial First-Time Homebuyers and Location Choice

Raymond

Dill

Lee

2018

Journal of Planning Education and Research

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We research whether Millennial first-time homebuyers are more likely to purchase homes near city centers than Generation X. We use a random sample of individual credit records data to examine first-time mortgaged homebuyers from 2000 to 2016 in the fifty largest US cities. In a logistic regression controlling for age and generation, we estimate separate age and period effects. We also control for car ownership, income, credit score, mortgage size, mortgage payment, and student debt levels. We find that the odds Millennials buy near city centers 21 percent higher than Generation X. This suggests that as Millennials purchase homes, they do not move to the suburbs at the same rate as Generation X.

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Foreclosures and housing prices: does neighborhood configuration matter?

Turnbull

Vlist

2023

Ann Reg Sci

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This paper measures the extent to which effects of foreclosures vary across neighborhoods. It offers a simple empirical framework for decomposing the spillover effects on neighboring property prices. Data from Orange County, Florida, reveal that the effects systematically vary across neighborhoods by morphology. The results indicate that older, homogeneous age structure, and non-gated neighborhoods with high vacancy rates are most in jeopardy when foreclosures are present, as these neighborhoods show the greatest neighborhood house price effects.

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Drive 'Til You Qualify: Credit quality and household location

Abstract: openAccessArticle: FalsePage Range: 63-63doi: 10.1016/j.regsciurbeco.2011.06.001Harvest Date: 2016-01-12 15:12:06issueName:cover date: 2012-01-01pubType

Cited by 10 publications

References 20 publications

New Sports Facilities and Residential Housing Markets

New Sports Facilities and Residential Housing Markets

Millennial First-Time Homebuyers and Location Choice

Foreclosures and housing prices: does neighborhood configuration matter?

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