Rent or Buy? Inflation Experiences and Homeownership within and across Countries

• 成果类型: Article
• 署名作者: Malmendier, Ulrike; Wellsjo, Alexandra Steiny
• 署名单位: University of California System; University of California Berkeley; University of California System; University of California Berkeley; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of California System; University of California San Diego
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13332
• 发表日期: 2024
• 页码: 1977-2023
• 关键词: house prices; macroeconomic experiences; RISK

摘要

We show that past inflation experiences strongly predict homeownership within and across countries. First, we collect novel survey data, which reveal inflation protection to be a key motivation for homeownership, especially after high inflation experiences. Second, using household data from 22 European countries, we find that higher exposure to historical inflation predicts higher homeownership rates. We estimate similar associations among immigrants to the United States who experienced different past inflation in their home countries but face the same U.S. housing market. Consistent with the experience effects model, the relationship is strongest in countries with predominantly fixed-rate mortgages.