No, actually it's the exact opposite, both in the short term, and in the long term.
Short-term vs. existing homeowners: http://www.nahb.org/generic.aspx?sectionID=734&genericCo...
Long-term vs. non home-owners: http://www.philadelphiafed.org/research-and-data/publication...
More: http://econ.jhu.edu/people/ccarroll/papers/COS-WealthEffects...
There is a lot more info out there about this, but the economics of it are pretty simple. The fact that the author can't even get this right makes me question any other assertations made in the article.
No, actually it's the exact opposite, both in the short term, and in the long term.
Short-term vs. existing homeowners: http://www.nahb.org/generic.aspx?sectionID=734&genericCo...
Long-term vs. non home-owners: http://www.philadelphiafed.org/research-and-data/publication...
More: http://econ.jhu.edu/people/ccarroll/papers/COS-WealthEffects...
There is a lot more info out there about this, but the economics of it are pretty simple. The fact that the author can't even get this right makes me question any other assertations made in the article.