In 2013, the Joint Center for Housing Studies looked to determine if, even during the housing crisis, homeownership was an effective means of building wealth, especially among low-income and minority families.
The original paper discovered that a large portion of homeowners managed to successfully sustain homeownership through the studied period of 1999-2009 and create substantial wealth, renters who became homeowners and sustained it through the period had some of the largest gains in wealth, and renters who transitioned to ownership but failed to sustain it ended the study period with no less wealth then when they started.
An updated version of this paper was released in 2016 and extended the study period through 2013. The new paper upheld the results from the previous paper with the one caveat that in order to sustain the gains in wealth made from homeownership, it was important to sustain homeownership itself.
For a full, detailed look at the report, follow the link below.