Single-Family Housing and Wealth Portfolios
- UNCG Author/Contributor (non-UNCG co-authors, if there are any, appear on document)
- Gustav D. Jud, Retired (Creator)
- Tony R. Wingler (Creator)
- Daniel T. Winkler, Professor (Creator)
- Institution
- The University of North Carolina at Greensboro (UNCG )
- Web Site: http://library.uncg.edu/
Abstract: This paper explores the risk and
return of a portfolio of single-family housing during
1978:1-2001:4 in the context of a portfolio of financial
assets. Homeownership offers higher returns to those
who have higher tax brackets, longer investment horizons
and use more financial leverage. Housing returns
are positively correlated with large-stock returns and
negatively correlated with returns on small stocks and
debt securities. Portfolio allocation to housing is large in
a minimum variance portfolio, and it increases with
longer holding periods and higher tax brackets. Homeownership
risk and return vary widely among the forty-two
MSAs studied, and within an MSA, housing returns
exhibit substantial variation.
Single-Family Housing and Wealth Portfolios
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Created on 2/18/2011
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Additional Information
- Publication
- Journal of Real Estate Portfolio Management, vol. 12, no. 1, 2006, pp. 13-22.
- Language: English
- Date: 2006
- Keywords
- Finance, Real estate, Risk/reward, Wealth, Investment return