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The Housing Stock, Housing Prices, and User Costs: The Roles of Location, Structure and Unobserved Quality

Which housing characteristics are important for understanding homeownership rates? How are housing characteristics priced in rental and owner‐occupied markets? What can answers to these questions tell us about economic theories of homeownership? …

Homeownership and the scarcity of rentals

The provision of owner-occupied versus rental houses is modeled as a competitive search economy where households have private information over their expected duration. With public information, households with low vacancy hazard rates pay lower rents …

Do Households Use Homeownership To Insure Themselves? Evidence Across U.S. Cities

Are households more likely to be homeowners when “housing risk” is higher? We show that home‐ownership rates and loan‐to‐value (LTV) ratios at the city level are strongly negatively correlated with local house price volatility. However, causal …

Saving Up or Settling Down: Home Ownership over the Life Cycle

In a Bewley model with endogenous price volatility, home ownership and mobility across locations and jobs, we assess the contribution of financial constraints, housing illiquidities and house price risk to home ownership over the life cycle. The …