2021 KLEIN LECTURE: AMERICAN DREAM DELAYED: SHIFTING DETERMINANTS OF HOMEOWNERSHIP

2021 KLEIN LECTURE: AMERICAN DREAM DELAYED: SHIFTING DETERMINANTS OF HOMEOWNERSHIP

We develop and estimate a dynamic model of female labor supply, fertility, and transition from renting to first homeownership with panel data, to investigate declining U.S. homeownership over the past decades. Higher house prices and increased female wage rates (that is the opportunity cost of leisu...

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Veröffentlicht in:International economic review (Philadelphia) 2022-02, Vol.63 (1), p.3-35
Hauptverfasser: Khorunzhina, Natalia, Miller, Robert A.
Format: Artikel
Sprache:eng
Schlagworte:
1970-1995
Arbeitsangebot
Besitzformwahl
Delayed
Economic theory
Females
Fertility
Fertilität
Home ownership
Households
Housing prices
Labor supply
Leisure
Panel data
Prices
Renting
USA
Wage rates
Weibliche Arbeitskräfte
Wohneigentum
Workforce
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Beschreibung
Zusammenfassung:We develop and estimate a dynamic model of female labor supply, fertility, and transition from renting to first homeownership with panel data, to investigate declining U.S. homeownership over the past decades. Higher house prices and increased female wage rates (that is the opportunity cost of leisure) cause households to postpone their first‐home purchase, because leisure and fertility are complementary to homeownership. Education and female workforce participation are reinforcing factors that raise the value of owning a home. Our estimates show the effects of rising house prices and wage rates more than offset the effects of greater education and workforce participation.
ISSN:0020-6598
1468-2354
DOI:10.1111/iere.12557