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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. Copyright American Real Estate and Urban Economics Association.

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.
  • Handle: RePEc:bla:reesec:v:19:y:1991:i:4:p:516-531
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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. 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 Economía Aplicada, Estudios de Economía Aplicada, vol. 25, pages 453-484, Abril.
    5. 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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