American Dream Delayed: Shifting Determinants of Homeownership

Natalia Khorunzhina and Robert A. Miller ()
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Robert A. Miller: Tepper School of Business, Postal: Carnegie Mellon University , 5000 Forbes Avenue,Pittsburgh,, PA 15213,USA

No 7-2019, Working Papers from Copenhagen Business School, Department of Economics

Abstract: This paper develops and estimates a dynamic model of discrete choice for labor supply, fertility and transition from tenant to home-owner,to investigate the secular decline in home ownership over the past several decades,wholly attributable to households postponing the purchase of their first home. House prices only partly explain the decline; higher base level wages led to lower fertility also contributing to the decline,because households with children are more likely to own a home than those without.Somewhat surprisingly we find higher levels of female education ameliorated this trend,highly educated women placing greater value on homeownership.

Keywords: Housing Demand; Fertility; Labor Supply (search for similar items in EconPapers)
JEL-codes: D14 D91 J13 J22 R21 (search for similar items in EconPapers)
Pages: 47 pages
Date: 2019-07-03
New Economics Papers: this item is included in nep-dge, nep-lab and nep-ure
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Citations: View citations in EconPapers (2)

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Working Paper: American dream delayed: shifting determinants of homeownership (2019)
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