American dream delayed: shifting determinants of homeownership

Natalia Khorunzhina and Robert Miller

MPRA Paper from University Library of Munich, Germany

Abstract: This paper develops and estimates a dynamic model of discrete choice for labor supply, fertility and transition from tenant to homeowner, to investigate the secular decline in homeownership over the past several decades, wholly attributable to households postponing the purchase of their first home. House prices only partly explain the decline; higher base level wages led to lower fertility also contributing to the decline, because households with children are more likely to own a home than those without. Somewhat surprisingly we find higher levels of female education ameliorated this trend, highly educated women placing greater value on homeownership.

Keywords: Housing Demand; Fertility; Labor Supply (search for similar items in EconPapers)
JEL-codes: D14 D91 J13 J22 R21 (search for similar items in EconPapers)
Date: 2019-07-03
New Economics Papers: this item is included in nep-ban and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Related works:
Working Paper: American Dream Delayed: Shifting Determinants of Homeownership (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:94832

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