To rent or to buy – analysis of housing tenure choice determined by housing policy
AbstractThe article discusses the relatively large share of owner-occupied housing in the housing stock in selected European countries with relatively low per capita income and describes the underlying causes of this phenomenon. We identify the economic implications of the growing number of owner-occupied housing and poorly developed rental market. The paper analyses home purchase or rental decisions and explains the correlations between housing availability, consumption and households’ savings, as well as housing policy. The way in which the development of the rental market can affect the situation in the property market is presented on the basis of a simple model.
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Bibliographic InfoPaper provided by National Bank of Poland, Economic Institute in its series National Bank of Poland Working Papers with number 164.
Date of creation: 2013
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housing demand; home ownership; housing policy; financial regulations;
Find related papers by JEL classification:
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
- R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy
- O18 - Economic Development, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure
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- 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.
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- 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.
- James M. Poterba, 1983. "Tax Subsidies to Owner-occupied Housing: An Asset Market Approach," Working papers 339, Massachusetts Institute of Technology (MIT), Department of Economics.
- Ioannides, Yannis M & Rosenthal, Stuart S, 1994. "Estimating the Consumption and Investment Demands for Housing and Their Effect on Housing Tenure Status," The Review of Economics and Statistics, MIT Press, vol. 76(1), pages 127-41, February.
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