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 |
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| container_title | International economic review (Philadelphia) |
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| creator | Khorunzhina, Natalia Miller, Robert A. |
| description | 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. |
| doi_str_mv | 10.1111/iere.12557 |
| format | Article |
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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. 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| ispartof | International economic review (Philadelphia), 2022-02, Vol.63 (1), p.3-35 |
| issn | 0020-6598 1468-2354 |
| language | eng |
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| source | EBSCOhost Business Source Complete; Access via Wiley Online Library |
| subjects | 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 |
| title | 2021 KLEIN LECTURE: AMERICAN DREAM DELAYED: SHIFTING DETERMINANTS OF HOMEOWNERSHIP |
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