An unexpected geography of opportunity in the wake of the foreclosure crisis: Low-income renters in investor-purchased foreclosures in Phoenix, Arizona

Research output: Contribution to journalArticle

8 Citations (Scopus)

Abstract

During the recent United States foreclosure crisis, investors purchased and leased thousands of homes nationwide, opening up formerly owner-occupied neighborhoods to renters. Yet, little is known about how this process affected regional patterns of residential segregation and inequality. In this study, we combine property-level data on real estate transactions and subsidized housing vouchers from 2004 to 2014 to assess whether the conversion of foreclosures to rentals enabled low-income renters to live in more advantaged neighborhoods in Phoenix, Arizona. Renters with vouchers living in investor-purchased foreclosures were in lower-poverty neighborhoods compared with those not living in investor-purchased foreclosures. This suggests that foreclosure sales may have widened the geography of opportunity for low-income renters with subsidized housing.

Original languageEnglish (US)
Pages (from-to)1197-1220
Number of pages24
JournalUrban Geography
Volume36
Issue number8
DOIs
StatePublished - Nov 17 2015

Fingerprint

foreclosure
investor
low income
income
geography
housing
regional pattern
real estate
segregation
sales
transaction
poverty

Keywords

  • foreclosures
  • geography of opportunity
  • investors
  • poverty
  • recession
  • renters

ASJC Scopus subject areas

  • Geography, Planning and Development
  • Urban Studies

Cite this

@article{3a06b1de65264a149c9fefc057ad51fd,
title = "An unexpected geography of opportunity in the wake of the foreclosure crisis: Low-income renters in investor-purchased foreclosures in Phoenix, Arizona",
abstract = "During the recent United States foreclosure crisis, investors purchased and leased thousands of homes nationwide, opening up formerly owner-occupied neighborhoods to renters. Yet, little is known about how this process affected regional patterns of residential segregation and inequality. In this study, we combine property-level data on real estate transactions and subsidized housing vouchers from 2004 to 2014 to assess whether the conversion of foreclosures to rentals enabled low-income renters to live in more advantaged neighborhoods in Phoenix, Arizona. Renters with vouchers living in investor-purchased foreclosures were in lower-poverty neighborhoods compared with those not living in investor-purchased foreclosures. This suggests that foreclosure sales may have widened the geography of opportunity for low-income renters with subsidized housing.",
keywords = "foreclosures, geography of opportunity, investors, poverty, recession, renters",
author = "Deirdre Pfeiffer and Joanna Lucio",
year = "2015",
month = "11",
day = "17",
doi = "10.1080/02723638.2015.1053201",
language = "English (US)",
volume = "36",
pages = "1197--1220",
journal = "Urban Geography",
issn = "0272-3638",
publisher = "Bellwether Publishing, Ltd.",
number = "8",

}

TY - JOUR

T1 - An unexpected geography of opportunity in the wake of the foreclosure crisis

T2 - Low-income renters in investor-purchased foreclosures in Phoenix, Arizona

AU - Pfeiffer, Deirdre

AU - Lucio, Joanna

PY - 2015/11/17

Y1 - 2015/11/17

N2 - During the recent United States foreclosure crisis, investors purchased and leased thousands of homes nationwide, opening up formerly owner-occupied neighborhoods to renters. Yet, little is known about how this process affected regional patterns of residential segregation and inequality. In this study, we combine property-level data on real estate transactions and subsidized housing vouchers from 2004 to 2014 to assess whether the conversion of foreclosures to rentals enabled low-income renters to live in more advantaged neighborhoods in Phoenix, Arizona. Renters with vouchers living in investor-purchased foreclosures were in lower-poverty neighborhoods compared with those not living in investor-purchased foreclosures. This suggests that foreclosure sales may have widened the geography of opportunity for low-income renters with subsidized housing.

AB - During the recent United States foreclosure crisis, investors purchased and leased thousands of homes nationwide, opening up formerly owner-occupied neighborhoods to renters. Yet, little is known about how this process affected regional patterns of residential segregation and inequality. In this study, we combine property-level data on real estate transactions and subsidized housing vouchers from 2004 to 2014 to assess whether the conversion of foreclosures to rentals enabled low-income renters to live in more advantaged neighborhoods in Phoenix, Arizona. Renters with vouchers living in investor-purchased foreclosures were in lower-poverty neighborhoods compared with those not living in investor-purchased foreclosures. This suggests that foreclosure sales may have widened the geography of opportunity for low-income renters with subsidized housing.

KW - foreclosures

KW - geography of opportunity

KW - investors

KW - poverty

KW - recession

KW - renters

UR - http://www.scopus.com/inward/record.url?scp=84948385358&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=84948385358&partnerID=8YFLogxK

U2 - 10.1080/02723638.2015.1053201

DO - 10.1080/02723638.2015.1053201

M3 - Article

AN - SCOPUS:84948385358

VL - 36

SP - 1197

EP - 1220

JO - Urban Geography

JF - Urban Geography

SN - 0272-3638

IS - 8

ER -