Risk and the User Cost of Housing Services

Peter Chinloy

Real Estate Economics, 1991, vol. 19, issue 4, 516-531

Abstract: This paper derives a risk‐adjusted user cost for housing services, capable of application in price indexes, demand, and the measurement of income and returns to homeownership. The risk‐adjusted user cost is the after‐tax sum of an interest rate and a risk premium, less expected capital gains. Expected capital gains are based on a factor pricing specification. It is shown that both national and local factors affect capital gains on housing.

Date: 1991
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