Moving to a job: The role of home equity, debt, and access to credit

Yuliya Demyanyk, Dmytro Hryshko (), María Jose Luengo-Prado and Bent Sorensen
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María Jose Luengo-Prado: https://www.bostonfed.org/people/former-bank/maria-jose-luengo-prado.aspx

No 1305, Working Papers (Old Series) from Federal Reserve Bank of Cleveland

Abstract: Using credit report data from two of the three major credit bureaus in the United States, we infer with high certainty whether households move to other labor markets defined by metropolitan areas. We estimate how moving patterns relate to labor market conditions, personal credit, and homeownership using panel regressions with fixed effects which control for all constant individual-specific traits. We interpret the patterns through simulations of a dynamic model of consumption, housing, and location choice. We find that homeowners with negative home equity move more than other homeowners, in particular when local unemployment growth is high overall, negative home equity is not an important barrier to labor mobility.

Keywords: Labor mobility; Households - Economic aspects; Consumer credit (search for similar items in EconPapers)
Date: 2013
New Economics Papers: this item is included in nep-mig and nep-ure
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Citations: View citations in EconPapers (5)

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Related works:
Journal Article: Moving to a Job: The Role of Home Equity, Debt, and Access to Credit (2017)
Working Paper: Moving to a Job: The Role of Home Equity, Debt, and Access to Credit (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedcwp:1305

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