Does Homeownership Matter? The Long-Term Consequences of Losing a House during the Great Recession

We are grateful for financial support from Duke University, the Wharton Dean’s Research Fund, the Research Sponsors Program of the Zell/Lurie Real Estate Center at Wharton and both the Art Wright Fund in Financial Economics and the Center for Real Estate and Urban Economic Studies at the University of Connecticut. We thank Flora Gu, Jinlin Li, and Xu (Chinncy) Qin for excellent research assistance. We also thank Valentina Duque, Kris Gerardi, Audrey Guo, Sasha Indarte, Lu Liu, Raven Molloy, Winnie Van Dijk, Stijn Van Nieuwerburgh and seminar participants at the NBER Summer Institute, Federal Reserve Bank of Chicago, Rutgers University, National Tax Association meeting, Urban Economics Association meetings, Wharton Urban and Real Estate Seminar and the Applied Micro seminar at Syracuse University for many helpful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• April 10, 2025