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Moving to a job: The role of home equity, debt, and access to credit

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  • Yuliya Demyanyk
  • Dmytro Hryshko
  • María José Luengo Luengo-Prado
  • Bent Sorensen

Abstract

Using credit report data from two of the three major credit bureaus in the United States, we infer with high certainty whether households move to other labor markets defined by metropolitan areas. We estimate how moving patterns relate to labor market conditions, personal credit, and homeownership using panel regressions with fixed effects which control for all constant individual-specific traits. We interpret the patterns through simulations of a dynamic model of consumption, housing, and location choice. We find that homeowners with negative home equity move more than other homeowners, in particular when local unemployment growth is high overall, negative home equity is not an important barrier to labor mobility.

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Bibliographic Info

Paper provided by Federal Reserve Bank of Cleveland in its series Working Paper with number 1305.

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Date of creation: 2013
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Handle: RePEc:fip:fedcwp:1305

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Keywords: Labor mobility ; Households - Economic aspects ; Consumer credit ; Labor mobility;

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  1. Antonia Díaz & Maria J. Luengo-Prado, 2006. "On The User Cost and Homeownership," Working Papers 2006-14, FEDEA.
  2. Sam Schulhofer-Wohl, 2011. "Negative Equity Does Not Reduce Homeowners' Mobility," NBER Working Papers 16701, National Bureau of Economic Research, Inc.
  3. Antonia Díaz & Maria Jose Luengo-Prado, 2006. "The Wealth Distribution With Durable Goods," Economics Working Papers we067027, Universidad Carlos III, Departamento de Economía.
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