Geographical Heterogeneity in Homeownership Rates: Does the Differential between Rent and Ownership Cost Explain Local Variation in Homeownership Rates?
AbstractThis paper focuses on differentials between rental and owner costs as a primary determinant of local homeownership. In simultaneous equations to estimate the separate effects of owner cost and rent on homeownership rates, the control variables are various household and geographical factors (Census 2000 tract level dataset), in the samples of 48 contiguous states within the United States. The results show negative effects of rental and owner costs on homeownership rates. Ethnicity, income, age, property tax rate and loan usage rates, contribute to increased owner costs. Several factors had significant association with the rise in housing prices before 2006.
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Bibliographic InfoPaper provided by Michigan State University, Department of Agricultural, Food, and Resource Economics in its series Graduate Research Masters Degree Plan B Papers with number 91269.
Date of creation: 2010
Date of revision:
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Community/Rural/Urban Development; Consumer/Household Economics; Public Economics; D12; H0; R2;
Find related papers by JEL classification:
- D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
- H0 - Public Economics - - General
- R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-07-10 (All new papers)
- NEP-GEO-2010-07-10 (Economic Geography)
- NEP-PBE-2010-07-10 (Public Economics)
- NEP-URE-2010-07-10 (Urban & Real Estate Economics)
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