Risk and the User Cost of Housing Services
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.
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Volume (Year): 19 (1991)
Issue (Month): 4 ()
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