Risk and return in the single-family housing market

Theodore M. Crone and Richard Voith

No 96-16, Working Papers from Federal Reserve Bank of Philadelphia

Abstract: The tradeoff between risk and return in equity markets is well established. This paper examines the existence of the same tradeoff in the single-family housing market. For home buyers, who constitute about two-thirds of U.S. households, the choice about how much housing and which house to buy is a joint consumption/investment decision. Does this consumption/investment link negate the risk/return tradeoff within the single-family hosuing market? Theory suggests the link still holds. This paper supplies empirical evidence in support of that theoretical result.

Keywords: Housing; Regional economics (search for similar items in EconPapers)
Date: 1996
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