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Why has home ownership fallen among the young?

Martin Gervais () and Jonas D.M. Fisher ()

Discussion Paper Series In Economics And Econometrics from University of Southampton, Economics Division, School of Social Sciences

Abstract: We document that home ownership of households with “heads\" aged 25-44 years fell substantially between 1980 and 2000 and recovered only partially during the 2001-2005 housing boom. The 1980-2000 decline in young home ownership occurred as improvements in mortgage opportunities made it easier to purchase a home. This paper uses an equilibrium life-cycle model calibrated to micro and macro evidence to understand why young home ownership fell over a period when it became easier to own a home. Our findings indicate that a trend toward marrying later and the increase in household earnings risk that occurred after 1980 account for 3/5 to 4/5 of the decline in young home ownership

Keywords; housing, home ownership, tenure choice, first-time home-buyers, marriage, income risk

Date: 2009-01-01
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Related works:
Journal Article: WHY HAS HOME OWNERSHIP FALLEN AMONG THE YOUNG? (2011) Downloads
Working Paper: Why has home ownership fallen among the young? (2009) Downloads
Working Paper: Why has home ownership fallen among the young? (2009) Downloads
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