Partial homeownership: A quantitative analysis

• 成果类型: Article
• 署名作者: Brandsaas, Eirik Eylands; Kvaerner, Jens Soerlie
• 署名单位: Federal Reserve System - USA; Federal Reserve System Board of Governors; BI Norwegian Business School
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2026.104256
• 发表日期: 2026-05
• 页码: 104256
• 关键词: Partial homeownership; Housing affordability; financial innovation; Financial stability; portfolio choice; consumption; MARKET; STOCK; MODEL

摘要

A convex combination of renting and traditional homeownership-Partial Ownership (PO)-is increasingly popular in many countries. We incorporate an existing for-profit PO contract into a life-cycle model to quantify its impact on housing investments, households' welfare, and financial stability. We have three results: (1) PO makes more households invest in (some) housing. (2) Willingness to pay for PO increases with housing unaffordability and is highest among low-income and renting households. (3) PO increases the mean DTI in the population while compressing the right tail, and it lowers defaults under a house price collapse and a rise in aggregate unemployment.