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Housing demand in Spain according to dwelling type: Microeconometric evidence

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  • Barrios García, Javier A.
  • Rodríguez Hernández, José E.

Abstract

This paper presents a study of the housing demand in Spain according to the type of tenure (rental or purchase) and building (single family or multifamily), based on microeconometric data from 1999. Our approach uses a generalization of the two-stage Heckman estimation to correct the bias of the sample selection, with a mixed logit multinomial model in the first stage. The results obtained show differences in the housing demand between owners and renters according to the building type, with larger values of income elasticity and demand price in rented dwellings. Furthermore, the differences between our results and those of earlier well-known papers that deal with the U.S. and U.K. housing markets appear to be due to differences between the housing markets, and do not stem from differences in econometric specification.

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Bibliographic Info

Article provided by Elsevier in its journal Regional Science and Urban Economics.

Volume (Year): 38 (2008)
Issue (Month): 4 (July)
Pages: 363-377

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Handle: RePEc:eee:regeco:v:38:y:2008:i:4:p:363-377

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  1. Poterba, James M, 1984. "Tax Subsidies to Owner-occupied Housing: An Asset-Market Approach," The Quarterly Journal of Economics, MIT Press, vol. 99(4), pages 729-52, November.
  2. Charles Himmelberg & Christopher Mayer & Todd Sinai, 2005. "Assessing High House Prices: Bubbles, Fundamentals and Misperceptions," Journal of Economic Perspectives, American Economic Association, vol. 19(4), pages 67-92, Fall.
  3. Gillingham, Robert & Hagemann, Robert, 1983. "Cross-sectional estimation of a simultaneous model of tenure choice and housing services demand," Journal of Urban Economics, Elsevier, vol. 14(1), pages 16-39, July.
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  8. Ermisch, J. F. & Findlay, J. & Gibb, K., 1996. "The Price Elasticity of Housing Demand in Britain: Issues of Sample Selection," Journal of Housing Economics, Elsevier, vol. 5(1), pages 64-86, March.
  9. Richard Meyer & Kenneth Wieand, 1996. "Risk and Return to Housing, Tenure Choice and the Value of Housing in an Asset Pricing Context," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 24(1), pages 113-131.
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  15. Rosenthal, Stuart S. & Duca, John V. & Gabriel, Stuart A., 1991. "Credit rationing and the demand for owner-occupied housing," Journal of Urban Economics, Elsevier, vol. 30(1), pages 48-63, July.
  16. 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.
  17. Goodman, Allen C. & Kawai, Masahiro, 1982. "Permanent income, hedonic prices, and demand for housing: New evidence," Journal of Urban Economics, Elsevier, vol. 12(2), pages 214-237, September.
  18. Jan Rouwendal & Erik Meijer, 2001. "Preferences for Housing, Jobs, and Commuting: A Mixed Logit Analysis," Journal of Regional Science, Wiley Blackwell, vol. 41(3), pages 475-505.
  19. Dubin, Jeffrey A & McFadden, Daniel L, 1984. "An Econometric Analysis of Residential Electric Appliance Holdings and Consumption," Econometrica, Econometric Society, vol. 52(2), pages 345-62, March.
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  21. David Hensher & William Greene, 2003. "The Mixed Logit model: The state of practice," Transportation, Springer, vol. 30(2), pages 133-176, May.
  22. Henderson, J Vernon & Ioannides, Yannis M, 1983. "A Model of Housing Tenure Choice," American Economic Review, American Economic Association, vol. 73(1), pages 98-113, March.
  23. Daniel McFadden & Kenneth Train, 2000. "Mixed MNL models for discrete response," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 15(5), pages 447-470.
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Cited by:
  1. Chen, Yong & Clapp, John M. & Tirtiroglu, Dogan, 2011. "Hedonic estimation of housing demand elasticity with a markup over marginal costs," Journal of Housing Economics, Elsevier, vol. 20(4), pages 233-248.
  2. Ong, Cheng Boon & De Witte, Kristof, 2013. "Ethnic segregation and heterogeneous preferences of homeowners for housing and neighbourhood characteristics. Evidence from the Netherlands," MERIT Working Papers 061, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).

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