Journal Articles

The Great Risk Shift and Precarity in the U.S. Housing Market

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In this article, we propose that metropolitan areas represent differential “risk contexts” to the people who live within them and argue that growing insecurity in U.S. metropolitan areas arises out of cross-cutting economic weaknesses that are too often seen in isolation. The housing crisis that led up to the Great Recession was a moment in which the underlying vulnerabilities in our markets and institutions were laid bare. The crisis also occurred in the context of the “great risk shift” in American society—where individuals are increasingly responsible for managing the ordinary risks of life in a modern economy. The multiple sources of precarity in the housing market highlight the complex nature of insecurity that many Americans face. We look at metropolitan variability in foreclosures to identify conditions that contributed to the housing crisis. We build on prior research by showing different sources of vulnerability to the housing crisis in metropolitan areas—including labor market insecurity and housing market insecurity—and find that some of the metropolitan areas that fared the worst faced problems in both markets before the crisis.

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Detail Information

Series Title

THE ANNALS OF THE AMERICAN ACADEMY OF POLITICAL AND SOCIAL SCIENCE

Call Number

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Publisher

Thousand Oaks : Sage Publications., 2015

Collation

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Language

English

ISBN/ISSN

978-1-5063-2455-5

Classification

NONE

Content Type

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Media Type

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Carrier Type

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Edition

Volume 660, July 2015, pages 199-216

Subject(s)

Inequality
Insecurity
Labor market
housing

Specific Detail Info

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Statement of Responsibility

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