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Nevertheless, they persist: Cross-country differences in homeownership behavior

Stefanie Huber and Tobias Schmidt ()

Journal of Housing Economics, 2022, vol. 55, issue C

Abstract: Cross-country differences in homeownership rates are large and persistent over time, with homeownership rates ranging from 44% in Switzerland to 83% in Spain. This paper investigates whether cultures—defined as behavioral attitudes passed across generations—may value homeownership differently, and could thus be a driving demand factor of the homeownership decision. To isolate the effect of cultural preferences regarding homeownership from the impact of other economic factors, we investigate second-generation immigrants’ homeownership decisions in the United States between 1994 and 2017. Our findings indicate that cultural preferences for homeownership are persistent, transmitted between generations, and substantially influence the rent-versus-buy decision.

Keywords: Housing markets; Homeownership rates; Cross-country heterogeneity; Cultural transmission; Household housing decisions (search for similar items in EconPapers)
JEL-codes: G11 G40 R21 Z10 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1016/j.jhe.2021.101804

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