Posted by: Marvin Remmich | July 30, 2012

The Recession’s Impact on Confidence in Homeownership

While younger folks
are oftentimes viewed as being more prone to taking risks than more elderly
people, a study found that this idea doesn’t ring true when it comes to buying
a home during an economic downturn. The study was authored by economists from
the Federal Reserve Bank of Boston, Anat Bracha and Julian C. Jamison, and
examined how the recession affected attitudes toward homeownership. The study
found that people who lived in hardest-hit ZIP codes in 2008 were significantly
more likely to be confident about owning a home if they are older (over 58),
but are significantly less likely to be confident about owning a home if they
are younger

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