Loading…

Single-Family Housing and Wealth Portfolios

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 retur...

Full description

Saved in:

Bibliographic Details
Published in:	The journal of real estate portfolio management 2006-01, Vol.12 (1), p.13-22
Main Authors:	Jud, G. Donald, Wingler, Tony R., Winkler, Daniel T.
Format:	Article
Language:	English
Subjects:	Capital returns Costs Diversification Empirical research Financial investments Financial portfolios Home ownership Homeowners Households Houses Housing Housing market Housing prices Institutional investments Interest rates Investment return rates Investment returns Investment risk Limited partnerships Metropolitan statistical areas One-parent families Partnership interest Portfolio investments Portfolio management Portfolio selection Property taxes Real estate financing Real estate market Real estate taxes Refinancing Return on investment Risk Single family Studies Tax allocation Tax rates U.S.A
Citations:	Items that this one cites Items that cite this one
Online Access:	Get full text
Tags:	Add Tag No Tags, Be the first to tag this record!

cited_by	cdi_FETCH-LOGICAL-c3294-494c4968127d4c626810d82ab29895c8a4809ebe0f76c31c8cd2dd83509802833
cites	cdi_FETCH-LOGICAL-c3294-494c4968127d4c626810d82ab29895c8a4809ebe0f76c31c8cd2dd83509802833
container_end_page	22
container_issue	1
container_start_page	13
container_title	The journal of real estate portfolio management
container_volume	12
creator	Jud, G. Donald Wingler, Tony R. Winkler, Daniel T.
description	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.
doi_str_mv	10.1080/10835547.2006.12089734
format	article
fullrecord	<record><control><sourceid>jstor_proqu</sourceid><recordid>TN_cdi_proquest_miscellaneous_36463380</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><jstor_id>24883042</jstor_id><sourcerecordid>24883042</sourcerecordid><originalsourceid>FETCH-LOGICAL-c3294-494c4968127d4c626810d82ab29895c8a4809ebe0f76c31c8cd2dd83509802833</originalsourceid><addsrcrecordid>eNpdkE1LAzEQhoMoWKs_QVk8eJGtk4_NTo5SrBUKCioeQ5rN6pbtpibbQ_-9WWo9eJkvnneYeQm5ojChgHCXAi8KUU4YgJxQBqhKLo7IiElF89QXx2Q0QPlAnZKzGFcAlAkoRuT2tek-W5fPzLppd9ncb2MaZKarsg9n2v4re_Ghr33b-HhOTmrTRnfxm8fkffbwNp3ni-fHp-n9IrecKZELJaxQEikrK2ElSxVUyMySKVSFRSMQlFs6qEtpObVoK1ZV6QdQCAw5H5Ob_d5N8N9bF3u9bqJ1bWs6l-7TXArJOUICr_-BK78NXbpNU1UiFzytGxO5h2zwMQZX601o1ibsNAU9GKgPBurBQH0wMAkv98JV7H34UzGByEEw_gNdg2ls</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>197834328</pqid></control><display><type>article</type><title>Single-Family Housing and Wealth Portfolios</title><source>International Bibliography of the Social Sciences (IBSS)</source><source>ABI/INFORM Global</source><source>JSTOR-E-Journals</source><source>Taylor and Francis Social Sciences and Humanities Collection</source><creator>Jud, G. Donald ; Wingler, Tony R. ; Winkler, Daniel T.</creator><creatorcontrib>Jud, G. Donald ; Wingler, Tony R. ; Winkler, Daniel T.</creatorcontrib><description>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.</description><identifier>ISSN: 1083-5547</identifier><identifier>EISSN: 2691-1205</identifier><identifier>DOI: 10.1080/10835547.2006.12089734</identifier><language>eng</language><publisher>Boston: American Real Estate Society</publisher><subject>Capital returns ; Costs ; Diversification ; Empirical research ; Financial investments ; Financial portfolios ; Home ownership ; Homeowners ; Households ; Houses ; Housing ; Housing market ; Housing prices ; Institutional investments ; Interest rates ; Investment return rates ; Investment returns ; Investment risk ; Limited partnerships ; Metropolitan statistical areas ; One-parent families ; Partnership interest ; Portfolio investments ; Portfolio management ; Portfolio selection ; Property taxes ; Real estate financing ; Real estate market ; Real estate taxes ; Refinancing ; Return on investment ; Risk ; Single family ; Studies ; Tax allocation ; Tax rates ; U.S.A</subject><ispartof>The journal of real estate portfolio management, 2006-01, Vol.12 (1), p.13-22</ispartof><rights>Copyright American Real Estate Society Jan-Apr 2006</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c3294-494c4968127d4c626810d82ab29895c8a4809ebe0f76c31c8cd2dd83509802833</citedby><cites>FETCH-LOGICAL-c3294-494c4968127d4c626810d82ab29895c8a4809ebe0f76c31c8cd2dd83509802833</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://www.proquest.com/docview/197834328/fulltextPDF?pq-origsite=primo$$EPDF$$P50$$Gproquest$$H</linktopdf><linktohtml>$$Uhttps://www.proquest.com/docview/197834328?pq-origsite=primo$$EHTML$$P50$$Gproquest$$H</linktohtml><link.rule.ids>314,780,784,11688,12847,27924,27925,33223,33224,36060,36061,44363,58238,58471,74767</link.rule.ids></links><search><creatorcontrib>Jud, G. Donald</creatorcontrib><creatorcontrib>Wingler, Tony R.</creatorcontrib><creatorcontrib>Winkler, Daniel T.</creatorcontrib><title>Single-Family Housing and Wealth Portfolios</title><title>The journal of real estate portfolio management</title><description>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.</description><subject>Capital returns</subject><subject>Costs</subject><subject>Diversification</subject><subject>Empirical research</subject><subject>Financial investments</subject><subject>Financial portfolios</subject><subject>Home ownership</subject><subject>Homeowners</subject><subject>Households</subject><subject>Houses</subject><subject>Housing</subject><subject>Housing market</subject><subject>Housing prices</subject><subject>Institutional investments</subject><subject>Interest rates</subject><subject>Investment return rates</subject><subject>Investment returns</subject><subject>Investment risk</subject><subject>Limited partnerships</subject><subject>Metropolitan statistical areas</subject><subject>One-parent families</subject><subject>Partnership interest</subject><subject>Portfolio investments</subject><subject>Portfolio management</subject><subject>Portfolio selection</subject><subject>Property taxes</subject><subject>Real estate financing</subject><subject>Real estate market</subject><subject>Real estate taxes</subject><subject>Refinancing</subject><subject>Return on investment</subject><subject>Risk</subject><subject>Single family</subject><subject>Studies</subject><subject>Tax allocation</subject><subject>Tax rates</subject><subject>U.S.A</subject><issn>1083-5547</issn><issn>2691-1205</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2006</creationdate><recordtype>article</recordtype><sourceid>8BJ</sourceid><sourceid>M0C</sourceid><recordid>eNpdkE1LAzEQhoMoWKs_QVk8eJGtk4_NTo5SrBUKCioeQ5rN6pbtpibbQ_-9WWo9eJkvnneYeQm5ojChgHCXAi8KUU4YgJxQBqhKLo7IiElF89QXx2Q0QPlAnZKzGFcAlAkoRuT2tek-W5fPzLppd9ncb2MaZKarsg9n2v4re_Ghr33b-HhOTmrTRnfxm8fkffbwNp3ni-fHp-n9IrecKZELJaxQEikrK2ElSxVUyMySKVSFRSMQlFs6qEtpObVoK1ZV6QdQCAw5H5Ob_d5N8N9bF3u9bqJ1bWs6l-7TXArJOUICr_-BK78NXbpNU1UiFzytGxO5h2zwMQZX601o1ibsNAU9GKgPBurBQH0wMAkv98JV7H34UzGByEEw_gNdg2ls</recordid><startdate>20060101</startdate><enddate>20060101</enddate><creator>Jud, G. Donald</creator><creator>Wingler, Tony R.</creator><creator>Winkler, Daniel T.</creator><general>American Real Estate Society</general><general>Taylor & Francis Ltd</general><scope>AAYXX</scope><scope>CITATION</scope><scope>0U~</scope><scope>1-H</scope><scope>3V.</scope><scope>4T-</scope><scope>4U-</scope><scope>7WY</scope><scope>7WZ</scope><scope>7XB</scope><scope>87Z</scope><scope>8BJ</scope><scope>8FK</scope><scope>8FL</scope><scope>ABUWG</scope><scope>AFKRA</scope><scope>BENPR</scope><scope>BEZIV</scope><scope>CCPQU</scope><scope>DWQXO</scope><scope>FQK</scope><scope>FRNLG</scope><scope>F~G</scope><scope>JBE</scope><scope>K60</scope><scope>K6~</scope><scope>L.-</scope><scope>L.0</scope><scope>M0C</scope><scope>PQBIZ</scope><scope>PQBZA</scope><scope>PQEST</scope><scope>PQQKQ</scope><scope>PQUKI</scope><scope>PRINS</scope><scope>Q9U</scope><scope>S0X</scope></search><sort><creationdate>20060101</creationdate><title>Single-Family Housing and Wealth Portfolios</title><author>Jud, G. Donald ; Wingler, Tony R. ; Winkler, Daniel T.</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c3294-494c4968127d4c626810d82ab29895c8a4809ebe0f76c31c8cd2dd83509802833</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2006</creationdate><topic>Capital returns</topic><topic>Costs</topic><topic>Diversification</topic><topic>Empirical research</topic><topic>Financial investments</topic><topic>Financial portfolios</topic><topic>Home ownership</topic><topic>Homeowners</topic><topic>Households</topic><topic>Houses</topic><topic>Housing</topic><topic>Housing market</topic><topic>Housing prices</topic><topic>Institutional investments</topic><topic>Interest rates</topic><topic>Investment return rates</topic><topic>Investment returns</topic><topic>Investment risk</topic><topic>Limited partnerships</topic><topic>Metropolitan statistical areas</topic><topic>One-parent families</topic><topic>Partnership interest</topic><topic>Portfolio investments</topic><topic>Portfolio management</topic><topic>Portfolio selection</topic><topic>Property taxes</topic><topic>Real estate financing</topic><topic>Real estate market</topic><topic>Real estate taxes</topic><topic>Refinancing</topic><topic>Return on investment</topic><topic>Risk</topic><topic>Single family</topic><topic>Studies</topic><topic>Tax allocation</topic><topic>Tax rates</topic><topic>U.S.A</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Jud, G. Donald</creatorcontrib><creatorcontrib>Wingler, Tony R.</creatorcontrib><creatorcontrib>Winkler, Daniel T.</creatorcontrib><collection>CrossRef</collection><collection>Global News & ABI/Inform Professional</collection><collection>Trade PRO</collection><collection>ProQuest Central (Corporate)</collection><collection>Docstoc</collection><collection>University Readers</collection><collection>ProQuest_ABI/INFORM Collection</collection><collection>ABI/INFORM Global (PDF only)</collection><collection>ProQuest Central (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>ProQuest Central (Alumni) (purchase pre-March 2016)</collection><collection>ABI/INFORM Collection (Alumni Edition)</collection><collection>ProQuest Central (Alumni)</collection><collection>ProQuest Central</collection><collection>AUTh Library subscriptions: ProQuest Central</collection><collection>Business Premium Collection</collection><collection>ProQuest One Community College</collection><collection>ProQuest Central</collection><collection>International Bibliography of the Social Sciences</collection><collection>Business Premium Collection (Alumni)</collection><collection>ABI/INFORM Global (Corporate)</collection><collection>International Bibliography of the Social Sciences</collection><collection>ProQuest Business Collection (Alumni Edition)</collection><collection>ProQuest Business Collection</collection><collection>ABI/INFORM Professional Advanced</collection><collection>ABI/INFORM Professional Standard</collection><collection>ABI/INFORM Global</collection><collection>One Business (ProQuest)</collection><collection>ProQuest One Business (Alumni)</collection><collection>ProQuest One Academic Eastern Edition (DO NOT USE)</collection><collection>ProQuest One Academic</collection><collection>ProQuest One Academic UKI Edition</collection><collection>ProQuest Central China</collection><collection>ProQuest Central Basic</collection><collection>SIRS Editorial</collection><jtitle>The journal of real estate portfolio management</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Jud, G. Donald</au><au>Wingler, Tony R.</au><au>Winkler, Daniel T.</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Single-Family Housing and Wealth Portfolios</atitle><jtitle>The journal of real estate portfolio management</jtitle><date>2006-01-01</date><risdate>2006</risdate><volume>12</volume><issue>1</issue><spage>13</spage><epage>22</epage><pages>13-22</pages><issn>1083-5547</issn><eissn>2691-1205</eissn><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.</abstract><cop>Boston</cop><pub>American Real Estate Society</pub><doi>10.1080/10835547.2006.12089734</doi><tpages>10</tpages><oa>free_for_read</oa></addata></record>
fulltext	fulltext
identifier	ISSN: 1083-5547
ispartof	The journal of real estate portfolio management, 2006-01, Vol.12 (1), p.13-22
issn	1083-5547 2691-1205
language	eng
recordid	cdi_proquest_miscellaneous_36463380
source	International Bibliography of the Social Sciences (IBSS); ABI/INFORM Global; JSTOR-E-Journals; Taylor and Francis Social Sciences and Humanities Collection
subjects	Capital returns Costs Diversification Empirical research Financial investments Financial portfolios Home ownership Homeowners Households Houses Housing Housing market Housing prices Institutional investments Interest rates Investment return rates Investment returns Investment risk Limited partnerships Metropolitan statistical areas One-parent families Partnership interest Portfolio investments Portfolio management Portfolio selection Property taxes Real estate financing Real estate market Real estate taxes Refinancing Return on investment Risk Single family Studies Tax allocation Tax rates U.S.A
title	Single-Family Housing and Wealth Portfolios
url	http://sfxeu10.hosted.exlibrisgroup.com/loughborough?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-07T14%3A10%3A34IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-jstor_proqu&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Single-Family%20Housing%20and%20Wealth%20Portfolios&rft.jtitle=The%20journal%20of%20real%20estate%20portfolio%20management&rft.au=Jud,%20G.%20Donald&rft.date=2006-01-01&rft.volume=12&rft.issue=1&rft.spage=13&rft.epage=22&rft.pages=13-22&rft.issn=1083-5547&rft.eissn=2691-1205&rft_id=info:doi/10.1080/10835547.2006.12089734&rft_dat=%3Cjstor_proqu%3E24883042%3C/jstor_proqu%3E%3Cgrp_id%3Ecdi_FETCH-LOGICAL-c3294-494c4968127d4c626810d82ab29895c8a4809ebe0f76c31c8cd2dd83509802833%3C/grp_id%3E%3Coa%3E%3C/oa%3E%3Curl%3E%3C/url%3E&rft_id=info:oai/&rft_pqid=197834328&rft_id=info:pmid/&rft_jstor_id=24883042&rfr_iscdi=true