Owning a Home or Two: An Analysis of the Financial and Behavioural Determinants of Single versus Multiple Property Ownership in the U.S. Pre- and Post-COVID

Efthymia Antonoudi; Ashlyn Rollins-Koons; HanNa Lim; Stuart Heckman

doi:10.2478/fprj-2026-0003

Abstract

This study investigates behavioural and financial determinants of single versus multiple property ownership in the United States before and after COVID-19. Using nationally representative Survey of Consumer Finances data from 2019 and 2022, we examine how risk tolerance, financial literacy, and financial confidence influence these ownership outcomes. Results reveal shifts across the two periods, with education and ethnicity assuming different roles over time. Unlike prior work focused solely on homeownership, this paper compares determinants of multiple and single property ownership across contrasting economic contexts, offering insights for financial planners advising clients on complex housing and investment decisions.

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Owning a Home or Two: An Analysis of the Financial and Behavioural Determinants of Single versus Multiple Property Ownership in the U.S. Pre- and Post-COVID

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