The Two-Income Trap - Elizabeth Warren [103]
24 Patric H. Hendershott, “Are Real House Prices Likely to Decline by 47 Percent?” Regional Science and Urban Economics 21, no. 4 (1991): 553-563. See also N. Gregory Mankiw and David N. Weil, “The Baby Boom, the Baby Bust, and the Housing Market,” Regional Science and Urban Economics 19, no. 2 (1989): 235-258. Jonathan R. Laing, “Crumbling Castles: The Recession in Real Estate Has Ominous Implications,” Barron’s, December 18, 1989.
25 Updegrave, “How Are We Doing?” p. 20.
26 Joint Center for Housing Studies, State of the Nation’s Housing, Table A.1.
27 The proportion of owner-occupied houses twenty-five years or older grew from 40 percent in 1975 to 59 percent in 1999. U.S. Department of Commerce, Bureau of the Census, American Housing Survey, 1999, Current Housing Reports, H150/99 (October 2000), Table 3-1, Introductory Characteristics—Owner Occupied Units; American Housing Survey: 1975, General Housing Characteristics, Current Housing Reports, H-150-75A (April 1977), Table A1, Characteristics of the Housing Inventory, 1975 and 1970.
28 Bureau of the Census, American Housing Survey: 1975, General Housing Characteristics, Current Housing Reports, H-150-75A, Table A1; American Housing Survey, 1997, Current Housing Reports, H150/97 (October 2000), Table 3-3, Size of Unit and Lot—Owner Occupied Units.
29 Bureau of the Census, American Housing Survey: 1975, General Housing Characteristics, Current Housing Reports, H-150-75A, Table A1; American Housing Survey, 1999, Current Housing Reports, H150/99, Table 3-3.
30 BLS, Consumer Expenditure Survey, 1984, Table 5, Composition of Consumer Unit. BLS, Consumer Expenditure Survey, 2001, Table 5, Composition of Consumer Unit, Average annual expenditures and characteristics . Data are mean estimated market value of owned home for “husband and wife only” consumer units. Similarly, the American Housing Survey shows that homeowners with no unmarried children (including both single and married homeowners) experienced a 20 percent increase in median home value between 1985 and 2001. American Housing Survey for the United States in 1985, Current Housing Reports, H-150-85 (December 1988), Table 3-22, Value by Selected Characteristics—Owner Occupied Units. American Housing Survey for the United States: 2001, Annual Survey (2001), Table 3-22, Value by Selected Characteristics—Owner Occupied Units.
31 BLS, Consumer Expenditure Survey, 1984, Table 5. BLS, Consumer Expenditure Survey, 2001, Table 5. Data are mean estimated market value of owned home for married couples with oldest child under age 6. We have focused on couples with young children because they are typically new entrants into the housing market and therefore feel most acutely increases in housing prices. Couples with the oldest child between age 6 and 17 also experienced a significant (though somewhat smaller) increase in average home value during this period, of 58 percent. The American Housing Survey indicates a somewhat less dramatic rise in median home values, showing that the average homeowner with two young children saw a 37 percent real increase in median home value between 1985 and 2001, compared with a 20 percent increase for homeowners without children. American Housing Survey for the United States in 1985, Current Housing Reports, H-150-85 (December 1988), Table 3-22. American Housing Survey for the United States: 2001, Annual Survey (2001), Table 3-22. The difference between BLS and American Housing Survey data may in part be due to the fact that BLS data separates married couples, whereas American Housing Survey lumps together both married and