Home Ownership, Savings and Mobility Over The Life Cycle

Jonathan Halket

No 295, 2009 Meeting Papers from Society for Economic Dynamics

Abstract: of financial constraints, housing illiquidities and house price risk to home ownership over the life cycle. We show the existence of a finite dimensional state space, steady state equilibrium with stochastic prices. The calibrated economy is able to explain most of the rise in home ownership over the life cycle. We find that, while some young households rent due to borrowing constraints in the mortgage market, the profile of earnings and the desire for mobility are more important determinants of the ownership rate.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed009:295

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