Why has home ownership fallen among the young?
Gervais, Martin and Fisher, Jonas (2009) Why has home ownership fallen among the young? Southampton, UK, University of Southampton, 44pp. (Discussion Papers in Economics and Econometrics 0907)
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Description/Abstract
We document that home ownership of households with “heads\" aged 25-44 years fell substantially between 1980 and 2000 and recovered only partially during the 2001-2005 housing boom. The 1980-2000 decline in young home ownership occurred as improvements in mortgage opportunities made it easier to purchase a home. This paper uses an equilibrium life-cycle model calibrated to micro and macro evidence to understand why young home ownership fell over a period when it became easier to own a home. Our findings indicate that a trend toward marrying later and the increase in household earnings risk that occurred after 1980 account for 3/5 to 4/5 of the decline in young home ownership
| Item Type: | Monograph (Discussion Paper) |
|---|---|
| Additional Information: | |
| ISSN: | 0966-4246 (print) |
| Uncontrolled Keywords: | housing, home ownership, tenure choice, first-time home-buyers, marriage, income risk |
| Related URLs: | http://www.southampton.ac.uk/s...?Year=2009 |
| Subjects: | H Social Sciences > H Social Sciences (General) |
| Divisions: | University Structure - Pre August 2011 > School of Social Sciences > Economics |
| ePrint ID: | 71045 |
| Deposited On: | 13 Jan 2010 |
| Last Modified: | 07 Jan 2011 06:45 |
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