Housing wealth accumulation: The role of public housing

Florence Goffette-Nagot (goffette-nagot@gate.cnrs.fr) and Modibo Sidibé
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Florence Goffette-Nagot: GATE Lyon Saint-Étienne - Groupe d'Analyse et de Théorie Economique Lyon - Saint-Etienne - ENS de Lyon - École normale supérieure de Lyon - Université de Lyon - UL2 - Université Lumière - Lyon 2 - UCBL - Université Claude Bernard Lyon 1 - Université de Lyon - UJM - Université Jean Monnet - Saint-Étienne - CNRS - Centre National de la Recherche Scientifique
Modibo Sidibé: Duke University [Durham]

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Abstract: The public housing sector provides housing units at below-market rents, potentially allowing its tenants to save for a downpayment more quickly than they would have otherwise. In this paper, we analyze the effect of a spell in public housing on age at first-time homeownership using the French Housing Survey. We use a pseudo-panel approach that takes into account the specificities of the local housing market, to derive individual tenure transitions from multiple cross-sections data, for the period 1979-2006. Using an IV strategy to control for a potential selection into public housing, we jointly estimate public housing tenancy and duration before first-time homeownership, and take into account unobserved heterogeneity. Our results indicate that a spell in public housing increases the hazard to homeownership, supporting the idea that, in France in the study period, the public housing policy provided an important pathway to homeownership

Keywords: Homeownership; Public housing; Tenure choice; Duration model; Unobserved heterogeneity (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (5)

Published in Regional Science and Urban Economics, 2016, 57, pp.12-22. ⟨10.1016/j.regsciurbeco.2015.11.004⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01266386

DOI: 10.1016/j.regsciurbeco.2015.11.004

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