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Filtering to Affordable: Does Multifamily Housing Become More Affordable as It Ages?

The Journal of real estate research, 2022-01, Vol.44 (2), p.254-286 [Peer Reviewed Journal]

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Title:
Filtering to Affordable: Does Multifamily Housing Become More Affordable as It Ages?
Author: Mueller, Andrew G ; Terschan, Lauren ; PlaHovinsak, Thomas J
Subjects: Affordable housing ; Age ; Case studies ; Family income ; Great Recession ; Households ; Low income groups ; Low income housing credit ; Multiple dwellings ; Property ; Student housing ; Trends
Is Part Of: The Journal of real estate research, 2022-01, Vol.44 (2), p.254-286
Description: Housing affordability and potential sources of affordable housing remain national concerns. Using the 10 largest metropolitan statistical areas (MSAs), this study measures the degree to which a multifamily housing property's age affects its affordability, hence examining the rate at which a necessary step in the filtering process is taking place. We find that a property's affordability increases by about 2.7% during the first decade of its existence and by about 0.5-1% every following decade, with some variation across MSAs. While this indicates that filtering could be taking place at a relatively slow rate, we show that this can add up to significant rent savings for a low-income family. Lastly, we conduct two follow-up case studies of affordability in Atlanta and Philadelphia.
Publisher: Clemson: Taylor & Francis Ltd
Language: English
Identifier: ISSN: 0896-5803
EISSN: 2691-1175
DOI: 10.1080/08965803.2021.2014632
Source: ProQuest Central

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