THE HOUSING STOCK, HOUSING PRICES, AND USER COSTS: THE ROLES OF LOCATION, STRUCTURE, AND UNOBSERVED QUALITY

• 成果类型: Article
• 署名作者: Halket, Jonathan; Nesheim, Lars; Oswald, Florian
• 署名单位: Texas A&M University System; Texas A&M University College Station; University of Essex; University of London; University College London; Institut d'Etudes Politiques Paris (Sciences Po)
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/iere.12475
• 发表日期: 2020
• 页码: 1777-1814
• 关键词: in-home maintenance; Homeownership; CHOICE; income; MODEL

摘要

Which housing characteristics are important for understanding homeownership rates? How are housing characteristics priced in rental and owner-occupied markets? What can answers to these questions tell us about economic theories of homeownership? Using the English Housing Survey, we estimate a selection model of property allocations to the owner-occupied and rental sectors. Structural characteristics and unobserved quality are important for selection. Location is not. Accounting for selection is important for rent-to-price ratio estimates and explains some puzzling correlations between rent-to-price ratios and homeownership rates. These patterns are consistent with, among others, hypotheses of rental market contracting frictions related to housing maintenance.