Brief What the Housing Affordability for Renters Index Tells Us about Homeownership Prospects for Newark Renters
Laurie Goodman, Jun Zhu
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An examination of the city of Newark using our housing affordability for renters index (HARI) reveals that homeownership in Newark is not affordable to Newark renters but is affordable to renters from other parts of the New York MSA and from renters in Essex County, where Newark sits. Trends in census data also confirm that Newark has been an attractive place for homebuyers in the New York MSA and that the newest Newark homebuyers are younger, have more income and higher education levels than existing homeowners, and tend to move into larger and newer houses. This evidence suggests that Newark is gentrifying.

Research Areas Wealth and financial well-being Neighborhoods, cities, and metros Housing finance Housing
Tags Asset and debts Housing markets Homeownership Financial products and services Housing affordability Wealth inequality Mobility Community and economic development Inequality and mobility Opportunity and ownership
Policy Centers Housing Finance Policy Center