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Tenure Choice of American Youth

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Author Info
Donald R. Haurin
Patric H. Hendershott
Dongwook Kim

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Abstract

While there seems to be no end to estimates of housing tenure determinants, prior studies have not accounted for the simultaneity of tenure choice with household formation, labor supply or the marriage decision. Our estimates are superior to those in the literature both because we address these issues and because we better measure the cost of owning relative to renting. Accounting for simultaneity with the household formation and labor supply decisions matter. Using a household's predicted wage rate rather than its observed income doubles the response of tenure choice to the price of owning relative to renting. Including household formation selectivity correction variables cuts the response to tenure choice to the predicted wage by 25 percent. Moreover, the impact of variations in demographic variables on tenure choice is sharply reduced after correcting for selectivity bias.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 3310.

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Date of creation: Mar 1990
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Publication status: published as Journal of Urban Economics, January 1994, pp 28-45.
Handle: RePEc:nbr:nberwo:3310

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Behrman, Jere R. & Wolfe, Barbara L., 1984. "Labor force participation and earnings determinants for women in the special conditions of developing countries," Journal of Development Economics, Elsevier, vol. 15(1-3), pages 259-288. [Downloadable!] (restricted)
  2. Kearl, J R, 1979. "Inflation, Mortgages, and Housing," Journal of Political Economy, University of Chicago Press, vol. 87(5), pages 1115-38, October. [Downloadable!] (restricted)
  3. Harvey S. Rosen & Kenneth T. Rosen, 1980. "Federal Taxes and Home Ownership: Evidence from Time Series," NBER Reprints 0061, National Bureau of Economic Research, Inc.
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  4. Meng, Chun-Lo & Schmidt, Peter, 1985. "On the Cost of Partial Observability in the Bivariate Probit Model," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 26(1), pages 71-85, February. [Downloadable!] (restricted)
  5. Patric H. Hendershott & Joel Slemrod, 1983. "Taxes and the User Cost of Capital for Owner-Occupied Housing," NBER Working Papers 0929, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Kohlhase, Janet E, 1986. "Labor Supply and Housing Demand for One- and Two-Earner Households," The Review of Economics and Statistics, MIT Press, vol. 68(1), pages 48-57, February. [Downloadable!] (restricted)
  7. Harvey S. Rosen, 1980. "Housing Decisions and the U.S. Income Tax: An Econometric Analysis," NBER Reprints 0024, National Bureau of Economic Research, Inc.
  8. Rosen, Harvey S., 1979. "Housing decisions and the U.S. income tax : An econometric analysis," Journal of Public Economics, Elsevier, vol. 11(1), pages 1-23, February. [Downloadable!] (restricted)
  9. Krumm, Ronald & Kelly, Austin, 1989. "Effects of homeownership on household savings," Journal of Urban Economics, Elsevier, vol. 26(3), pages 281-294, November. [Downloadable!] (restricted)
  10. Borsch-Supan, Axel, 1986. "Household formation, housing prices, and public policy impacts," Journal of Public Economics, Elsevier, vol. 30(2), pages 145-164, July. [Downloadable!] (restricted)
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  1. Richard K. Green, 2006. "Airports and Economic Development," Working Papers 0002, School of Business, The George Washington University. [Downloadable!]
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  2. Richard K. Green & Donald Bradley & Brian Surette, 2006. "Overcoming the Barriers to Mexican-American Homeownership," Working Papers 0001, School of Business, The George Washington University. [Downloadable!]
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