Econ 366 - Chapter 12

Econ 366 - Chapter 12 - Chapter 12 Housing Problems and...

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Chapter 12 Housing Problems and Policies 1. Housing in the US
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Housing in US 1940 1950 1960 1970 1980 Incomplete plumbing 55.4 34.0 14.7 5.5 2.7 > 1.5 persons per room 9.0 6.2 3.8 2.0 1.0 Blacks only 14.1 6.9 2.2 1 – 1.5 persons per room 9.4 7.9 6.0 3.1 Blacks only 14.3 12.5 6.9 0.5 – 1 person per room 79.8 82.9 46.6 42.0 35.0 Blacks only 40.9 40.5 41.8 1. Incidence of incomplete plumbing fell from 55.4 to 2.7 1940-80 2. Incidence of > 1.5 persons per room fell from 9.0 to 1.0 (1940-80) and 1-1.5 persons per room fell from 9.4 to 3.1 (1950-80) 3. By 1980 as many as 60% of units had less than 0.5 persons per room 4. Blacks lag behind but have made rapid strides
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Inadequacy of Housing Units 0 5 10 15 20 25 30 1975 1977 1981 1983 All units Mod. Low income Very Low income Quality of all housing units, including low income housing units have continued to improve. Incidence of inadequate housing fell – particularly among low income units
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Reasons for improvement in housing in US 1. Dramatic increase in US housing over past 80 years 2. Real income per capita has grown about 2% for much of the 20 th century 3. Real earnings growth per worker ceased around 1973 and was below 1970 levels in 1986 4. However, real income per capita increased due to (a) increasing participation of women in workforce and (b) decline in fertility – process was nearing completion in 1990
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Change in housing costs and rents A. RISE IN REAL RENTS 1. In 1980s rise in real mortgage rates => rise in net capital cost of housing
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Econ 366 - Chapter 12 - Chapter 12 Housing Problems and...

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