Why Do Households Concentrate Their Wealth in Housing?
An apparent paradox in household wealth accumulation in the United States is the relatively small holding of financial assets and the large holding of housing wealth. To explain the high concentration of household wealth in housing, this paper estimates the marginal propensity to consume from housin...
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| Veröffentlicht in: | The Journal of real estate research 2004-10, Vol.26 (4), p.329-344 |
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| container_end_page | 344 |
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| container_title | The Journal of real estate research |
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| creator | Benjamin, John D. Chinloy, Peter Jud, G. Donald |
| description | An apparent paradox in household wealth accumulation in the United States is the relatively small holding of financial assets and the large holding of housing wealth. To explain the high concentration of household wealth in housing, this paper estimates the marginal propensity to consume from housing and from financial assets. A higher marginal propensity to consume from housing rather than from financial assets would lead households to concentrate their wealth in real estate. For aggregate U.S. quarterly data from 1952:1 to 2002:2, the marginal propensity to consume from housing is higher than that from financial wealth. These conditions provide a rationale for the concentration of household assets in housing. |
| doi_str_mv | 10.1080/10835547.2004.12091146 |
| format | Article |
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| identifier | ISSN: 0896-5803 |
| ispartof | The Journal of real estate research, 2004-10, Vol.26 (4), p.329-344 |
| issn | 0896-5803 2691-1175 |
| language | eng |
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| source | JSTOR Archive Collection A-Z Listing |
| subjects | Behavior Capital assets Capital gains Consumer economics Consumer information Discount rates Disposable income Equity Federal Reserve monetary policy Financial assets Household consumption Households Housing Housing prices Human capital Interest rates Marginal propensity to consume Mathematical models Propensity to consume Real estate Real estate economics Risk premiums Studies Taxation Time series U.S.A Wealth |
| title | Why Do Households Concentrate Their Wealth in Housing? |
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