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Marital history and home ownership: Evidence from Australia

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  • Hendershott, Patric H.
  • Ong, Rachel
  • Wood, Gavin A.
  • Flatau, Paul

Abstract

The relative cost of owning and renting housing and housing affordability have been clearly established as important determinants of home ownership. But the roles of marital status and history have been largely ignored. In this paper we show that both current marital status and past history affect ownership. Past history matters because wealth accumulation is greater among couple households than singles owing largely to economies of scale in housing consumption. Moreover, wealth is lost upon divorce. In effect, past marital history affects the affordability of owner housing. This result is shown in the estimation of model explaining wealth, leverage and tenure choice using Australian datasets.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Housing Economics.

Volume (Year): 18 (2009)
Issue (Month): 1 (March)
Pages: 13-24

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Handle: RePEc:eee:jhouse:v:18:y:2009:i:1:p:13-24

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Web page: http://www.elsevier.com/locate/inca/622881

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Keywords: Home ownership Marital status Divorce Remarriage Relative cost Affordability;

References

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  1. Lawrence D. Jones, 1989. "Current Wealth and Tenure Choice," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 17(1), pages 17-40.
  2. Boehm, Thomas P., 1993. "Income, Wealth Accumulation, and First-Time Homeownership: An Intertemporal Analysis," Journal of Housing Economics, Elsevier, vol. 3(1), pages 16-30, December.
  3. Gavin Wood & Richard Watson & Paul Flatau, 2006. "Microsimulation Modelling of Tenure Choice and Grants to Promote Home Ownership," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 39(1), pages 14-34, 03.
  4. Belzil, Christian, 1995. "Unemployment Insurance and Unemployment over Time: An Analysis with Event History Data," The Review of Economics and Statistics, MIT Press, vol. 77(1), pages 113-26, February.
  5. Addison, John T & Portugal, Pedro, 1987. "On the Distributional Shape of Unemployment Duration," The Review of Economics and Statistics, MIT Press, vol. 69(3), pages 521-26, August.
  6. Steven C. Bourassa & Ming Yin, 2006. "Housing Tenure Choice in Australia and the United States: Impacts of Alternative Subsidy Policies," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 34(2), pages 303-328, 06.
  7. Goodman, John Jr. & Nichols, Joseph B., 1997. "Does FHA Increase Home Ownership or Just Accelerate It?," Journal of Housing Economics, Elsevier, vol. 6(2), pages 184-202, June.
  8. Jamie Chua & Paul W. Miller, 2005. "The Immigrant Housing Market: Analyses for Australia," Economics Discussion / Working Papers 05-23, The University of Western Australia, Department of Economics.
  9. Patric H. Hendershott & Joel Slemrod, 1982. "Taxes and the User Cost of Capital for Owner-Occupied Housing," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 10(4), pages 375-393.
  10. Ermisch, John & Di Salvo, Pamela, 1996. "Surprises and Housing Tenure Decisions in Great Britain," Journal of Housing Economics, Elsevier, vol. 5(3), pages 247-273, September.
  11. Rosen, Harvey S., 1979. "Housing decisions and the U.S. income tax : An econometric analysis," Journal of Public Economics, Elsevier, vol. 11(1), pages 1-23, February.
  12. Hyunbae Chun & Jeungil Oh, 2002. "An instrumental variable estimate of the effect of fertility on the labour force participation of married women," Applied Economics Letters, Taylor & Francis Journals, vol. 9(10), pages 631-634.
  13. Gavin A. Wood & Richard Watson & Paul Flatau & Rachel Ong, 2006. "Transaction Costs, Deposit Requirements And First-Home Ownership," Economic Papers, The Economic Society of Australia, vol. 25(3), pages 252-271, 09.
  14. Heckman, James J & Borjas, George J, 1980. "Does Unemployment Cause Future Unemployment? Definitions, Questions and Answers from a Continuous Time Model of Heterogeneity and State Dependence," Economica, London School of Economics and Political Science, vol. 47(187), pages 247-83, August.
  15. Jones Lawrence D., 1995. "Testing the Central Prediction of Housing Tenure Transition Models," Journal of Urban Economics, Elsevier, vol. 38(1), pages 50-73, July.
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Cited by:
  1. Cecile Detang-Dessendre & Gary Hunt & Virginie Piguet & Andrew Plantinga, 2011. "Housing Prices and Inter-urban Migration," ERSA conference papers ersa11p938, European Regional Science Association.
  2. Garner, Thesia I. & Short, Kathleen, 2009. "Accounting for owner-occupied dwelling services: Aggregates and distributions," Journal of Housing Economics, Elsevier, vol. 18(3), pages 233-248, September.
  3. Eriksen, Michael D., 2010. "Homeownership subsidies and the marriage decisions of low-income households," Regional Science and Urban Economics, Elsevier, vol. 40(6), pages 490-497, November.
  4. Plantinga, Andrew J. & Détang-Dessendre, Cécile & Hunt, Gary L. & Piguet, Virginie, 2013. "Housing prices and inter-urban migration," Regional Science and Urban Economics, Elsevier, vol. 43(2), pages 296-306.

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