The Gender Gap in Housing Returns

• 成果类型: Article
• 署名作者: Goldsmith-Pinkham, Paul; Shue, Kelly
• 署名单位: Yale University; National Bureau of Economic Research; Yale University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13212
• 发表日期: 2023
• 页码: 1097-1145
• 关键词: discrimination; women; BEHAVIOR; aversion; extent; RACE

摘要

Using detailed transactions data across the United States, we find that single women earn 1.5 percentage points lower annualized returns on housing relative to single men. Forty-five percent of the gap is explained by transaction timing and location. The remaining gap arises from a 2% gender difference in execution prices at purchase and sale. Consistent with a negotiation channel, women list for less and experience worse negotiated discounts. The gender gap shrinks in tight markets, where negotiation is replaced by quasi-auctions. Overall, gender differences in housing explain 30% of the gender gap in wealth accumulation for the median household.