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Differences in Housing Credit Terms and Usage Between Metro and Nonmetro Areas in the United States, 1971

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  • Spurlock, Hughes H.

Abstract

Analysis of 1971 census data on existing mortgages shows home buyers in rural areas paid higher interest rates on conventional mortgages and had shorter repayment periods than did their urban counterparts. They also had fewer choices of lenders. Even so, it appears credit conditions did improve during the 1960's in rural areas. Savings and loan associations, the major home mortgage lenders, became more active in rural areas. They held 35 percent of the first mortgages in 1971 as compared with 23 percent in 1960. Also, Federal agencies, particularly Farmers Home Administration, expanded activities in rural areas. This expansion tended to narrow the gap between the percentage of loans guaranteed and insured in rural areas as compared to metro areas.

Suggested Citation

  • Spurlock, Hughes H., 1975. "Differences in Housing Credit Terms and Usage Between Metro and Nonmetro Areas in the United States, 1971," Agricultural Economic Reports 307550, United States Department of Agriculture, Economic Research Service.
    • Handle: RePEc:ags:uerser:307550
    DOI: 10.22004/ag.econ.307550
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    File URL: https://ageconsearch.umn.edu/record/307550/files/aer305.pdf
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    References listed on IDEAS

    as
    1. Spurlock, Hughes H., 1971. "Rural Homeowners' Use of Home Mortgage Credit in the Ozark Region, 1966," Agricultural Economic Reports 307445, United States Department of Agriculture, Economic Research Service.
    2. Jones, Lawrence A., 1966. "Rural Home Financing Through the Voluntary Home Mortgage Credit Program," Miscellaneous Publications 320806, United States Department of Agriculture, Economic Research Service.
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