Using Individual Development Accounts to Save for a Home: Are There Differences by Race? | Zendy

Michal GrinsteinWeiss | Zendy; Kate Irish | Zendy; Susan L. Parish | Zendy; Kristen Wagner | Zendy

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Using Individual Development Accounts to Save for a Home: Are There Differences by Race?

Author(s) -

Michal GrinsteinWeiss,

Kate Irish,

Susan L. Parish,

Kristen Wagner

Publication year - 2007

Publication title -

social service review

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.73

H-Index - 58

eISSN - 1537-5404

pISSN - 0037-7961

DOI - 10.1086/524288

Subject(s) - race (biology) , white (mutation) , asset (computer security) , demographic economics , low income , business , african american , economics , psychology , public economics , economic growth , actuarial science , sociology , computer science , gender studies , biochemistry , chemistry , ethnology , computer security , gene

Pursuing home ownership may be an important strategy for long‐term economic and social development of low‐income and minority households. Analyzing data from the American Dream Demonstration (ADD), this study examines the performance among black and white participants of a matched saving program designed to use Individual Development Accounts (IDAs) to expand home ownership among low‐income participants. Results show that both black and white participants are able to save but that black IDA participants save smaller amounts and less frequently. Findings also suggest that the relationship between institutional variables and savings differs by the race of IDA participants. Implications are discussed for design and implementation of programs aimed toward increasing savings and asset accumulation among low‐income and minority households.

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