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Risk and the User Cost of Housing Services

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  • Peter Chinloy
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    Abstract

    This paper derives a risk-adjusted user cost for housing services, capable of application in price indexes, demand, and the measurement of income and returns to homeownership. The risk-adjusted user cost is the after-tax sum of an interest rate and a risk premium, less expected capital gains. Expected capital gains are based on a factor pricing specification. It is shown that both national and local factors affect capital gains on housing. Copyright American Real Estate and Urban Economics Association.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/1540-6229.00565
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    Bibliographic Info

    Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

    Volume (Year): 19 (1991)
    Issue (Month): 4 ()
    Pages: 516-531

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    Handle: RePEc:bla:reesec:v:19:y:1991:i:4:p:516-531

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    Cited by:
    1. Randal Verbrugge & Thesia I. Garner, 2009. "Reconciling User Costs and Rental Equivalence: Evidence from the U.S. Consumer Expenditure Survey," Working Papers 427, U.S. Bureau of Labor Statistics.
    2. Rodríguez Hernández, José E. & Barrios García, Javier A., 2007. "Estimación Microeconométrica de la Tenencia y Demanda de Vivienda en España según la Localización/Microeconometric Estimation of Tenune and Housing Demand in Spain Accoding to Location," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 25, pages 453-484, Abril.
    3. Barrios García, Javier A. & Rodríguez Hernández, José E., 2008. "Housing demand in Spain according to dwelling type: Microeconometric evidence," Regional Science and Urban Economics, Elsevier, vol. 38(4), pages 363-377, July.
    4. Nordvik, Viggo, 2001. "A Housing Career Perspective on Risk," Journal of Housing Economics, Elsevier, vol. 10(4), pages 456-471, December.
    5. Lori L. Taylor, 1998. "Does the United States still overinvest in housing?," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q II, pages 10-18.

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