Published studies behind the questions

Carozzi, Hilber & Yu (2024). On the economic impacts of mortgage credit expansion policies: Evidence from Help to Buy. Journal of Urban Economics.

England's new-build equity loan raised prices in supply-constrained London without more building; where supply was elastic it added construction instead.

Hilber & Turner (2014). The Mortgage Interest Deduction and its Impact on Homeownership Decisions. Review of Economics and Statistics.

The deduction raised ownership only in loosely regulated U.S. markets; in tightly regulated ones prices absorbed it.

Berger, Turner & Zwick (2020). Stimulating Housing Markets. Journal of Finance (NBER WP 22903).

The 2008–2010 first-time buyer credit raised sales 7.8–10.7%, largely by pulling purchases forward, with modest price effects in a slack market.

Freeman & Harden (2015). Affordable Homeownership: The Incidence and Effect of Down Payment Assistance. Housing Policy Debate.

In a panel of low- and moderate-income loans, buyers who used down payment assistance performed no worse than those who did not.

Theodos, Stacy, Braga & Daniels (2019). Affordable Homeownership: An Evaluation of the Near-Term Effects of Shared Equity Programs. Housing Policy Debate.

Shared-equity buyers carried less mortgage debt and lower monthly costs, with delinquency similar to comparable buyers.

Temkin, Theodos & Price (2010). Balancing Affordability and Opportunity. Urban Institute.

Seven shared-equity programs showed low delinquency and foreclosure and kept homes affordable at resale; programs were self-selected.

Abt Associates for HUD (2021, 2024). First-Time Homebuyer Education and Counseling Demonstration. HUD PD&R.

A randomized trial found no overall effect on delinquency, but better outcomes for buyers aged 29 and under.

Joint Center for Housing Studies (2026). The State of the Nation's Housing 2026. Harvard University.

Ownership under age 35 fell to 37.0% in 2025 from 39.0% in 2022; about $120,800 of income is needed to afford the median home, a bar 16% of renter households meet.

Fry & Wondimu (2026). Buying a home has gotten harder for young adults in most U.S. metro areas. Pew Research Center.

The share of renters under 40 who could afford the monthly cost of owning fell from 56% to 37% between 2019 and 2024.

Federal Reserve Board (2025). Economic Well-Being of U.S. Households in 2024: Housing.

Renters most often cited the down payment (68%) and the monthly payment (49%) as reasons they rent.

Brandsaas (2025). Illiquid Homeownership and the Bank of Mom and Dad. Federal Reserve FEDS 2025-094.

About 30% of first-time buyers received parental help, which mattered as much for keeping a home after income shocks as for buying it.