Do lifelong experiences of land prices affect homeownership in Japan?

Kiichi Tokuoka

Japan and the World Economy, 2025, vol. 75, issue C

Abstract: Using Japanese household data, this study tests the hypothesis that experiencing growth in land prices over a lifetime influences homeownership. To test this experience hypothesis, this study calculates the lifelong weighted average of real land price growth while estimating a parameter that determines the shape of the weight function. The study then corroborates the results using US data. The results — using both Japanese and US data — support the hypothesis and are consistent with the belief channel; that is, experiencing price growth affects homeownership by influencing expectations of returns from housing investment.

Keywords: Experience; Land price; Housing price; Housing markets; Homeownership (search for similar items in EconPapers)
JEL-codes: D83 D84 R21 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:japwor:v:75:y:2025:i:c:s0922142525000246

DOI: 10.1016/j.japwor.2025.101320

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