Multifamily Housing: An Exploratory Analysis Using the 1991 Residential Finance Survey
J. OF HOUSING RESEARCH
Posted: 27 Sep 1996
Abstract
Far less is known about multifamily housing than about single-family housing, because most multifamily data sets have serious limitations. This article lays the groundwork for an examination of the financial condition of multifamily housing using the 1991 Residential Finance Survey (RFS). It examines the RFS data set, the relation between the RFS and the American Housing Survey, neighborhood characteristics of multifamily properties, and the rent-to-value ratio for different types of multifamily properties. The analysis is largely exploratory. We find that multifamily properties and units are disproportionately located in neighborhoods with below-average incomes but that larger properties tend to be located in slightly higher income tracts than smaller properties are. There is considerable variation in the rent-to-value ratio; many property characteristics are significantly related to this ratio, but neighborhood variables tend to have small or insignificant impacts. The article concludes with several suggestions for future research.
JEL Classification: R31
Suggested Citation: Suggested Citation