Explaining the Spatial Variation in Homeownership Rates: Results for German Regions
AbstractThis paper employs cross-sectional data on 96 German regions to investigate the interregional variability of homeownership rates. Among the explanatory variables, the analysis includes important regional housing market indicators as well as regional socio-demographic composition, urbanization and labor market performance. An estimation strategy is chosen which accounts for different forms of spatial dependence among the regional units. We find that regional differences in the relative price of owning versus renting, and the affordability of owner-occupied housing play a key role in explaining why homeownership rates vary so substantially across the country. The results indicate significant neighborhood effects for several variables.
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Bibliographic InfoPaper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 3377.
Date of creation: 2011
Date of revision:
homeownership; regional housing markets; spatial econometrics;
Find related papers by JEL classification:
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
- R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
- R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy
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