Tracking Growth and Evaluating Performance of Shared Equity Homeownership Programs During Housing Market Fluctuations

This study of 58 shared equity homeownership programs and 4,108 properties over the past three decades explores growth in the shared equity housing stock, the characteristics of households owning shared equity homes, and the performance of these programs across the nation. 

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  • The shared equity sector is increasingly serving people of color.

  • Ninety-five percent of shared equity homes are priced affordably for families earning 80 percent of area median income (AMI)1 or below across all housing market periods.

  • Affordability is achieved for both first purchases and resales of shared equity homes.

  • The median shared equity household accumulates approximately $14,000 through their participation in shared equity programs across housing market periods. By comparison, the median equity investment at purchase is $1,875. Risk associated with homeownership remains, as evidenced by negative net appreciation for a typical shared equity homeowner during the recovery period.

  • Shared equity models are effective in providing stable housing.

  • Public funding for shared equity programs, specifically state and federal dollars,

    substantially increased during the housing boom and bust periods, and significantly decreased during the housing recovery period.

  • Shared equity homeownership programs of all types—and across all geographies and housing market periods—tend to serve families with similar characteristics. The majority of purchasers are first time homebuyers, low-income (51–80 percent AMI), female- headed household, in their late 30s, and employed in office, retail or service industries.