HETEROGENEITY, FRICTIONAL ASSIGNMENT, AND HOME-OWNERSHIP

• 成果类型: Article
• 署名作者: Head, Allen; Lloyd-Ellis, Huw; Stacey, Derek
• 署名单位: Queens University - Canada; University of Waterloo
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12624
• 发表日期: 2023
• 页码: 1265-1308
• 关键词: housing-market; Tenure choice; prices; income; MODEL; search; POLICY; rents; time; Homeownership

摘要

We study the composition of the housing stock across ownership and rental markets in a dynamic model of frictional assignment. Houses are rented or sold to heterogeneous households that sort over quality. Due to matching frictions and an increasing ownership surplus, wealthy households tend to own and lower value housing tends to be rented, even without financial frictions or rental supply constraints. When calibrated to match key housing market features of the average U.S. city, the model is consistent with observed empirical relationships across cities. We study the model's implications for affordability, ownership, and the impact of progressive property taxation.