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Risk and the User Cost of Housing Services

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  • Peter Chinloy

Abstract

This paper derives a risk‐adjusted user cost for housing services, capable of application in price indexes, demand, and the measurement of income and returns to homeownership. The risk‐adjusted user cost is the after‐tax sum of an interest rate and a risk premium, less expected capital gains. Expected capital gains are based on a factor pricing specification. It is shown that both national and local factors affect capital gains on housing.

Suggested Citation

  • Peter Chinloy, 1991. "Risk and the User Cost of Housing Services," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(4), pages 516-531, December.
    • Handle: RePEc:bla:reesec:v:19:y:1991:i:4:p:516-531
    DOI: 10.1111/1540-6229.00565
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    Cited by:

    1. Garner, Thesia I. & Verbrugge, Randal, 2009. "Reconciling user costs and rental equivalence: Evidence from the US consumer expenditure survey," Journal of Housing Economics, Elsevier, vol. 18(3), pages 172-192, September.
    2. Barrios García, Javier A. & Rodríguez Hernández, José E., 2008. "Housing demand in Spain according to dwelling type: Microeconometric evidence," Regional Science and Urban Economics, Elsevier, vol. 38(4), pages 363-377, July.
    3. Lori L. Taylor, 1998. "Does the United States still overinvest in housing?," Economic and Financial Policy Review, Federal Reserve Bank of Dallas, issue Q II, pages 10-18.
    4. Isaac F. Megbolugbe & Peter D. Linneman, 1993. "Home Ownership," Urban Studies, Urban Studies Journal Limited, vol. 30(4-5), pages 659-682, May.
    5. Garner, Thesia I. & Verbrugge, Randal, 2009. "Reconciling user costs and rental equivalence: Evidence from the US consumer expenditure survey," Journal of Housing Economics, Elsevier, vol. 18(3), pages 172-192, September.
    6. Rodríguez Hernández, José E. & Barrios García, Javier A., 2007. "Estimación Microeconométrica de la Tenencia y Demanda de Vivienda en España según la Localización/Microeconometric Estimation of Tenune and Housing Demand in Spain Accoding to Location," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 25, pages 453-484, Abril.
    7. Nordvik, Viggo, 2001. "A Housing Career Perspective on Risk," Journal of Housing Economics, Elsevier, vol. 10(4), pages 456-471, December.

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