Nevertheless, they persist: Cross-Country Differences in Homeownership Behavior

Stefanie Huber and Tobias Schmidt

No 22-009/II, Tinbergen Institute Discussion Papers from Tinbergen Institute

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 inves- tigates whether cultures—defined as behavioral attitudes passed across generations—may value homeownership differently, and could thus be a driving demand factor of the home- ownership 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 in- dicate 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: 2022-01-28
New Economics Papers: this item is included in nep-his and nep-ure
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Journal Article: Nevertheless, they persist: Cross-country differences in homeownership behavior (2022)
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Persistent link: https://EconPapers.repec.org/RePEc:tin:wpaper:20220090

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