In this paper, we estimate expected return on housing by exploiting information from the variations in the consumption-wealth ratio. We combine a present-value model of consumption with an unobserved component model to express the excess consumption-assets ratio (consumption in excess of labor...

This paper investigates the persistent racial disparities in homeownership and wealth creation in Milwaukee. Despite past efforts, homeownership rates for Black and Hispanic households remain significantly lower compared to White households, contributing to wealth inequalities. We develop a...

This paper investigates the persistent racial disparities in homeownership and wealth creation in Milwaukee. Despite past efforts, homeownership rates for Black and Hispanic households remain significantly lower compared to White households, contributing to wealth inequalities. We develop a...