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

Figures & Tables

Multinomial Logistic Regression of Property Ownership 2019 Survey of Consumer Finances_

Variable	None (Base) Versus One				One (Base) Versus Multiple				None (Base) Versus Multiple

	Coef.	S.E.	p	RRR	Coef.	S.E.	p	RRR	Coef.	S.E.	p	RRR
Predictors
Spending (Yes)
No	0.36	0.27	0.001	1.43	0.53	.05	0.002	1.7	0.89	0.04	<0.001	2.44
Moving (100%)
High	0.81	0.02	<0.001	2.25	−0.66	.02	<0.001	0.52	0.15	0.03	0.015	1.16
Medium	1.01	0.02	<0.001	2.75	−0.19	0.03	0.008	0.83	0.82	0.02	<0.001	2.27
Low	1.42	0.01	<0.001	4.17	−0.6	0.03	<0.001	0.55	0.82	0.02	<0.001	2.27
100% Staying	2.55	0.01	<0.001	12.94	−0.5	0.02	<0.001	0.61	2.05	0.00	<0.001	7.77
Risk Tol (Low)
Medium	0.19	0.00	0.001	1.21	0.28	0.01	<0.001	1.32	0.47	0.01	<0.001	1.60
High	0.09	0.00	<0.001	1.09	0.37	0.00	<0.001	1.45	0.46	0.00	<0.001	1.58
Fin.Confidence	0.06	0.00	<0.001	1.06	0.02	0.00	<0.001	1.02	0.08	0.00	<0.001	1.08
Log NH Debt	0.04	0.00	<0.001	1.04	−0.02	0.00	0.001	0.98	0.02	0.00	0.001	1.02
Log of Income	0.37	0.00	<0.001	1.45	0.62	0.02	<0.001	1.86	0.99	0.02	<0.001	2.69
Fin.Literacy (Very Low)
Low	−0.08	0.01	0.003	0.92	0.72	0.01	<0.001	2.05	0.64	0.01	<0.001	1.90
Medium	0.02	0.01	0.130	1.02	0.83	0.00	<0.001	2.29	0.85	0.01	<0.001	2.34
High	0.20	0.00	<0.001	1.22	0.91	0.01	<0.001	2.48	1.11	0.02	<0.001	3.03
Controls
Education (<High Sc)
High School	0.29	0.01	<0.001	1.34	−0.27	0.02	<0.001	0.76	0.02	0.01	0.195	1.02
Some College	0.29	0.00	<0.001	1.34	−0.28	0.01	<0.001	0.76	0.005	0.01	0.656	1.01
Bachelor’s	0.56	0.00	<0.001	1.75	−0.19	0.02	0.002	0.83	0.38	0.02	<0.001	1.46
Gender (Male)
Female	−0.13	0.00	<0.001	0.88	0.16	0.01	<0.001	1.17	0.03	0.01	0.092	1.03
Race (White)
Black	−0.79	0.00	<0.001	0.45	−0.03	0.02	0.260	0.97	−0.82	0.02	<0.001	0.44
Hispanic	−0.76	0.01	<0.001	0.47	0.28	0.01	<0.001	1.32	−0.48	0.01	<0.001	0.62
Other	−0.81	0.01	<0.001	0.44	0.18	0.01	0.002	1.2	−0.63	0.02	<0.001	0.53
Age	0.04	0.00	<0.001	1.04	0.02	0.00	<0.001	1.02	0.06	0.00	<0.001	1.06
Marital Status (Married)
Partner	−0.72	0.00	<0.001	0.49	−0.27	0.02	0.001	0.76	−0.99	0.18	<0.001	0.37
Single Female	−0.86	0.00	<0.001	0.42	−0.54	0.01	<0.001	0.58	−1.39	0.15	<0.001	0.25
Single Male	−0.95	0.00	<0.001	0.39	−0.13	0.01	<0.001	0.88	−1.08	0.15	<0.001	0.34
Number of Kids (0)
1 kid	0.51	0.00	<0.001	1.67	−0.16	0.01	<0.001	0.85	0.35	0.01	<0.001	1.42
2 kids	0.41	0.00	<0.001	1.51	−0.13	0.00	<0.001	0.88	0.28	0.01	<0.001	1.32
3 or more	0.27	0.00	<0.001	1.31	−0.1	0.01	0.002	0.9	0.17	0.01	<0.001	1.19
Income Vol (Low)
Normal	−0.02	0.01	0.166	0.98	−0.17	0.01	<0.001	0.84	−0.18	0.01	<0.001	0.84
High	−0.19	0.01	0.001	0.83	0.02	0.02	0.271	1.02	−0.16	0.02	0.002	0.85
Intercept	−7.94	0.02	<0.001	−	−10.4	0.25	<0.001	−	−18.3	0.26	<0.001	-
Model Fit
F 58, 175.9
p < .001

Multinomial Logistic Regression of Property Ownership 2022 Survey of Consumer Finances_

Variable	None (Base) Versus One				One (Base) Versus Multiple				None (Base) Versus Multiple

	Coef.	S.E.	p	RRR	Coef.	S.E.	p	RRR	Coef.	S.E.	p	RRR
Predictors
Spending (Yes)
No	0.35	0.02	0.001	1.41	0.44	0.03	0.001	1.55	0.79	0.04	<0.001	2.20
Moving (100%)
High	0.06	0.02	0.06	1.06	0.49	0.11	0.021	1.62	0.55	0.11	0.017	1.73
Medium	0.69	0.03	<0.001	2.00	0.37	0.17	0.117	1.42	1.06	0.15	0.006	2.85
Low	1.52	0.01	<0.001	4.56	0.23	0.13	0.175	1.25	1.75	0.13	0.001	5.69
100% Staying	2.2	0.01	<0.001	8.97	0.21	0.14	0.236	1.22	2.4	0.13	<0.001	10.92
Risk Tol (Low)
Medium	0.43	0.003	<0.001	1.54	0.12	0.01	0.003	1.13	0.55	0.02	<0.001	1.74
High	0.43	0.01	<0.001	1.54	0.39	0.02	<0.001	1.48	0.82	0.03	<0.001	2.27
Fin.Confidence	0.05	0.003	0.001	1.05	0.07	0.01	0.006	1.07	0.11	0.01	0.001	1.12
Log NH Debt	0.003	0.001	0.163	1	−0.01	0.003	0.061	0.99	−0.01	0.004	0.197	0.99
Log of Income	0.2	0.01	<0.001	1.22	0.54	0.01	<0.001	1.73	0.74	0.02	<0.001	2.1
Fin.Literacy (Very Low)
Low	0.21	0.02	0.001	1.24	0.5	0.04	0.001	1.64	0.71	0.05	0.001	2.04
Medium	0.58	0.02	<0.001	1.8	0.67	0.02	<0.001	1.95	1.25	0.02	<0.001	3.51
High	0.92	0.02	<0.001	2.51	0.78	0.03	<0.001	2.17	1.69	0.03	<0.001	5.45
Controls
Education (<High Sc)
High School	0.24	0.02	<0.001	1.27	0.39	0.04	<0.001	1.47	0.63	0.04	<0.001	1.87
Some College	0.28	0.03	<0.001	1.32	0.46	0.03	0.002	1.58	0.75	0.03	<0.001	2.09
Bachelor’s	0.42	0.03	<0.001	1.52	0.47	0.01	0.385	1.6	0.89	0.01	<0.001	2.42
Gender (Male)
Female	0.09	0.01	0.008	1.09	0.23	0.03	0.003	1.26	0.32	0.01	0.092	1.38
Race (White)
Black	−0.68	0.04	0.001	0.51	0.11	0.02	0.014	1.11	−0.57	0.04	0.001	0.56
Hispanic	−0.56	0.02	<0.001	0.57	−0.07	0.08	0.471	0.94	−0.63	0.07	0.003	0.54
Other	−0.36	0.02	0.001	0.7	0.15	0.03	0.019	1.16	−0.22	0.03	0.008	0.81
Age	0.03	0	<0.001	1.03	0.03	0	0.002	1.03	0.06	0.001	<0.001	1.07
Marital Status (Married)
Partner	−0.75	0.01	<0.001	0.47	0.17	0.01	<0.001	1.18	−0.58	0.02	<0.001	0.56
Single Female	−1.13	0.003	<0.001	0.32	−0.29	0.03	0.002	0.75	−1.42	0.03	<0.001	0.24
Single Male	−1.12	0.02	<0.001	0.33	−0.03	0.01	0.385	0.97	−1.15	0.03	<0.001	0.32
Number of Kids (0)
1 kid	0.51	0.01	<0.001	1.66	−0.01	0.01	0.396	0.98	0.5	0.02	<0.001	1.63
2 kids	0.7	0.01	<0.001	2.01	−0.21	0.02	0.002	0.81	0.49	0.02	<0.001	1.62
3 or more	0.36	0.01	<0.001	1.43	0.23	0.02	0.002	1.27	0.59	0.02	<0.001	1.81
Income Vol (Low)
Normal	0.19	0.02	0.002	1.21	−0.35	0.01	<0.001	0.71	−0.16	0.01	<0.001	0.86
High	−0.06	0.02	0.085	0.94	−0.26	0.03	0.002	0.77	−0.32	0.01	<0.001	0.72
Intercept	−6.4	0.08	<0.001	−	−11.46	0.14	<0.001	−	−17.86	0.15	<0.001	-
Model Fit
F 58, 174.4
p < .001

Weighted Descriptive Statistics of Key Variables 2019 and 2022 Survey of Consumer Finances

Variable	2019 Weighted Data		2022 Weighted Data

	%	M(SD)	%	M(SD)
Spending More than Income
Yes	5		5
No	95		95
Relocation Probability
Moving for sure	9		9
High chance of moving	5		5
Medium chance	15		13
Low chance	18		19
Not moving for sure	54		54
Risk Tolerance
Low	27		29
Medium	51		50
High	22		21
Financial Confidence		7.13(2.22)		7.24(2.21)
Non-Res. Debt		21,462(110,663)		24,573(140,588)
Income		106,251(458,987)		141,390(727,962)
Financial Literacy
Very Low	4		3
Low	19		16
Medium	34		37
High	43		44
Gender
Male	50		49
Female	50		51
Race
White non-Hispanic	65		67
Black African American	14		12
Hispanic or Latino	10		9
Other	11		12
Age		51(17.4)		52(17.59)
Marital Status
Married	46		47
Partner	10		10
Single Female	26		26
Single Male	18		16
Education
Less than High School	11		9
High School	24		24
Some College or Assoc.	28		27
Bachelor’s or higher	36		40
# of Kids in the family
No kids	61		61
1 Kid	17		18
2 Kids	13		13
3 or more	8		7
Income Volatility
Low	14		17
Normal	77		72
High	10		11

Distribution of Homeownership Dependent variable

	2019 Weighted Data	2022 Weighted Data

	%	%
Owns Property
None	35	34
One property	50	52
Multiple properties	15	14

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

Figures & Tables

Multinomial Logistic Regression of Property Ownership 2019 Survey of Consumer Finances_

Multinomial Logistic Regression of Property Ownership 2022 Survey of Consumer Finances_

Weighted Descriptive Statistics of Key Variables 2019 and 2022 Survey of Consumer Finances

Distribution of Homeownership Dependent variable

Paradigm

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