WHY HAS HOME OWNERSHIP FALLEN AMONG THE YOUNG?

• 成果类型: Article
• 署名作者: Fisher, Jonas D. M.; Gervais, Martin
• 署名单位: Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of Southampton; University of Iowa
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.1111/j.1468-2354.2011.00653.x
• 发表日期: 2011
• 页码: 883-912
• 关键词: consumption inequality; income variability; Homeownership; uncertainty; DYNAMICS; taxation; demand; taxes; MODEL

摘要

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 2001-5 housing boom. The 1980-2000 decline in young home ownership occurred as improvements in mortgage opportunities seemingly made it easier to purchase a home. This article uses an equilibrium life-cycle model calibrated to micro and macro evidence to understand these developments. A trend toward marrying later mechanically lowers young home ownership after 1980. We show that the large rise in earnings risk that occurred after 1980 can easily account for the remaining decline in young home ownership.