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Expected Home Ownership and Real Wealth Accumulation of Youth

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Author Info
Donald R. Haurin
Patric H. Hendershott
Susan M. Wachter

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Abstract

This paper describes the real wealth accumulation of American youth and relates this behavior to variations in real constant-quality house prices in their localities of residence. We argue that increases in the real constant-quality house price have two offsetting effects on wealth. First, the greater the local constant-quality price of housing, the greater the wealth needed to meet the lender imposed down payment constraint if housing demand is price inelastic. However, increased real constant-quality house price reduces the likelihood of home ownership and thus the desire the accumulate wealth needed for a down payment. Using a panel data set for youth age 20-33 for the years 1985 through 1990 we find that the combined direct and indirect impact of variations in real constant-quality house price on wealth is modest for changes near the average real house price, but youths' wealth declines substantially in areas with high real house price.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5629.

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Date of creation: Jun 1996
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Handle: RePEc:nbr:nberwo:5629

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Find related papers by JEL classification:
E21 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
R21 - Urban, Rural, and Regional Economics - - Household Analysis - - - Housing Demand

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  1. Peter M. Zorn, 1989. "Mobility-Tenure Decisions and Financial Credit: Do Mortgage Qualification Requirements Constrain Homeownership?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 17(1), pages 1-16. [Downloadable!] (restricted)
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  1. Clara H. Mulder & William A.V. Clark & Michael Wagner, 2002. "A comparative analysis of leaving home in the United States, the Netherlands and West Germany," Demographic Research, Max Planck Institute for Demographic Research, Rostock, Germany, vol. 7(17), pages 565-592, December. [Downloadable!]
  2. Hochguertel, Stefan & van Soest, Arthur, 1998. "The Relation between Financial and Housing Wealth of Dutch Households," Working Paper Series 1998:19, Uppsala University, Department of Economics. [Downloadable!]
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