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Leaving home and housing prices. The experience of Italian youth emancipation

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Author Info

  • Francesca Modena

    ()
    (University of Trento and Euricse)

  • Concetta Rondinelli

    ()
    (Bank of Italy)

Abstract

This paper provides an explanation for the postponement of youth emancipation in the Italian context mainly characterized by a sharp increase in both house and rent prices together with stagnant disposable income over the past decade. We first assemble a unique database related to the housing and rental market which is then matched with household characteristics. We find that the probability of leaving home decreases by about half percentage point and one percentage point for males and females, respectively, for a one-standard-deviation change in house prices. Together with property prices, local labour markets play a prominent role in determining decisions by unemployed youths to postpone the transition. The youngest cohort was mainly affected by the real estate market evolution that occurred in the last decade.

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Bibliographic Info

Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Temi di discussione (Economic working papers) with number 818.

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Date of creation: Sep 2011
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Handle: RePEc:bdi:wptemi:td_818_11

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Keywords: coresidence; moving out; real estate market; discrete time duration model.;

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  1. Giovanni D'Alessio & Romina Gambacorta, 2007. "Home affordability in Italy," Questioni di Economia e Finanza (Occasional Papers) 9, Bank of Italy, Economic Research and International Relations Area.
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Cited by:
  1. Tindara Addabbo & Randi Kjeldstad, 2013. "Household affiliation of young adults in Italy and Norway. The significance of gender, sociocultural background, work and money," Discussion Papers 752, Research Department of Statistics Norway.
  2. Roberto Felici & Elisabetta Manzoli & Raffaella Pico, 2012. "Crisis and Italian households: a microeconomic analysis of mortgage contracts," Questioni di Economia e Finanza (Occasional Papers) 125, Bank of Italy, Economic Research and International Relations Area.
  3. Berloffa, Gabriella & Modena, Francesca, 2012. "Economic well-being in Italy: The role of income insecurity and intergenerational inequality," Journal of Economic Behavior & Organization, Elsevier, vol. 81(3), pages 751-765.
  4. Tindara Addabbo & Paula Rodr íguez-Modroño & Lina Gálvez-Muñoz, 2014. "Youth living in a couple. How women's labour supply adapts to the crisis. The case of Spain," Center for the Analysis of Public Policies (CAPP) 0114, Universita di Modena e Reggio Emilia, Dipartimento di Economia Politica.

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