Research Report Coping with the Great Recession: Disparate Impacts on Economic Well-Being in Poor Neighborhoods
Robert I. Lerman, Sisi Zhang
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Did the Great Recession hit poor neighborhoods especially hard? Surprisingly, between 2007 and 2009, residents in the poorest neighborhoods did not suffer worse losses in employment and wages than did other neighborhoods. Poor neighborhoods saw unusually high job losses among men but not among women. Because residents in poor neighborhoods had especially low homeownership rates, they were less likely to face big losses in home equity. Homeowners in poor neighborhoods were slightly less likely to sustain homeownership, but they werent locked out of jobs because of immobility. In fact, these homeowners fared better in the job market than renters.
Research Areas Economic mobility and inequality Wealth and financial well-being
Tags Asset and debts Income and wealth distribution Inequality and mobility Opportunity and ownership Financial stability
Policy Centers Center on Labor, Human Services, and Population