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An Intertemporal Empirical Analysis of the Renter's Decision to Purchase a Home

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  • Keith Ray Ihlanfeldt

Abstract

In recent years a controversy has developed regarding the responses of different types of families to increases in the relative cost of homeownership. In order to provide evidence on this question, this study employs samples of renters from the Panel Study of Income Dynamics to estimate the marginal probability of home purchase and the conditional expectation of the house value to income ratio. These cross‐section estimations are performed for two separate time periods: 1968–70 and 1974–76. Among the conclusions reached (by analyzing intertemporal changes in predicted purchase probabilities and value to income ratios) are (1) that first‐time homebuyers have not stretched their housing budgets in response to inflationary expectations, and (2) that the probability of purchase by many of these families has declined over time, especially at low income levels.

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  • Keith Ray Ihlanfeldt, 1980. "An Intertemporal Empirical Analysis of the Renter's Decision to Purchase a Home," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 8(2), pages 180-197, June.
    • Handle: RePEc:bla:reesec:v:8:y:1980:i:2:p:180-197
    DOI: 10.1111/1540-6229.00211
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    Cited by:

    1. Richard L. Cooperstein, 1989. "Quantifying the Decision to Become a First-Time Home Buyer," Urban Studies, Urban Studies Journal Limited, vol. 26(2), pages 223-233, April.
    2. L. Jide Iwarere & John E. Williams, 1991. "A Micro-Market Analysis of Tenure Choice Using the Logit Model," Journal of Real Estate Research, American Real Estate Society, vol. 6(3), pages 327-340.
    3. Thomas K. Rudel & Alan Neaigus, 1984. "Inflation, New Homeowners and Downgrading in the 1970s," Urban Studies, Urban Studies Journal Limited, vol. 21(2), pages 129-138, May.
    4. Ihlanfeldt, Keith R. & Scafidi, Benjamin, 2002. "Black Self-Segregation as a Cause of Housing Segregation: Evidence from the Multi-City Study of Urban Inequality," Journal of Urban Economics, Elsevier, vol. 51(2), pages 366-390, March.

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