We draw on household-level data from the 2004 Survey of Consumer Finances to analyze how changes in the income tax deduction for mortgage interest would affect the distribution of income tax liabilities and the consumption of housing services. Our primary innovation is to focus on the responses...

This paper documents the trends in the life-cycle profiles of net worth and housing equity between 1983 and 2004. The net worth of older households significantly increased during the housing boom of recent years. However, net worth grew by more than housing equity, in part because other assets...

We construct measures of the annual cost of single-family housing for 46 metropolitan areas in the United States over the last 25 years and compare them with local rents and incomes as a way of judging the level of housing prices. Conventional metrics like the growth rate of house prices, the...