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Housing Tenure Choice in Australia and the United States: Impacts of Alternative Subsidy Policies

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  • Steven C. Bourassa
  • Ming Yin

Abstract

This article compares the homeownership rates of young households in Australia and the United States and evaluates the impacts of the two countries' different approaches to subsidizing homeownership. Since about 1950, Australia's rate of homeownership has consistently been higher than that of the United States. The homeownership rate for young adults is also significantly higher in Australia. While the United States allows mortgage interest and property taxes to be deducted from income for tax purposes, Australia has provided cash subsidies for down payments and mortgage payments. We conclude that differences in housing costs and household characteristics do not explain differences in ownership rates. We also conclude that differences in subsidy policies have only a minor impact on ownership rates. Copyright 2006 American Real Estate and Urban Economics Association

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Bibliographic Info

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

Volume (Year): 34 (2006)
Issue (Month): 2 (06)
Pages: 303-328

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Handle: RePEc:bla:reesec:v:34:y:2006:i:2:p:303-328

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Cited by:
  1. Hendershott, Patric H. & Ong, Rachel & Wood, Gavin A. & Flatau, Paul, 2009. "Marital history and home ownership: Evidence from Australia," Journal of Housing Economics, Elsevier, vol. 18(1), pages 13-24, March.
  2. Tarr, David G., 2010. "The political, regulatory and market failures that caused the US financial crisis," Policy Research Working Paper Series 5324, The World Bank.
  3. Steven Bourassa & Martin Hoesli, 2010. "Why Do the Swiss Rent?," The Journal of Real Estate Finance and Economics, Springer, vol. 40(3), pages 286-309, April.
  4. David G. Tarr, 2010. "The political, regulatory, and market failures that caused the US financial crisis: What are the lessons?," Journal of Financial Economic Policy, Emerald Group Publishing, vol. 2(2), pages 163-186, June.

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