Current Perspectives on Home Ownership
Between 1970 and 1979, the median sales price of an existing single-family home rose roughly 170 percent, while the general price level increased 113 percent. The number of housing units also increased substantially: 17.8 million housing units were produced during the 1970s, or 24 percent more than in the previous decade.1 As the 1970s advanced, the role of housing shifted from primarily a consumption item to an investment item, a role that was further enhanced by declines in real after-tax returns on such financial assets as stocks, bonds, and savings accounts
The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit clevelandfed.org for updates.
This work by Federal Reserve Bank of Cleveland is licensed under Attribution-NonCommercial 4.0 International
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