Multifamily Housing: An Exploratory Analysis Using the 1991 Residential Finance Survey

J. OF HOUSING RESEARCH

Posted: 27 Sep 1996

See all articles by Amy S. Bogdon

Amy S. Bogdon

Fannie Mae Foundation

James R. Follain

Federal Home Loan Mortgage Corporation (FHLMC); National Bureau of Economic Research (NBER)

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

Bogdon, Amy S. and Follain, James R., Multifamily Housing: An Exploratory Analysis Using the 1991 Residential Finance Survey. J. OF HOUSING RESEARCH, Available at SSRN: https://ssrn.com/abstract=9154

Amy S. Bogdon (Contact Author)

Fannie Mae Foundation ( email )

3900 Wisconsin Avenue, NW
North Tower, Suite 1
Washington, DC 20016-2892
United States
202-274-8092 (Phone)
202-274-8111 (Fax)

James R. Follain

Federal Home Loan Mortgage Corporation (FHLMC) ( email )

8200 Jones Branch Road
McLean, VA 22101
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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