Housing Tenure and Wealth Distribution in Life Cycle Economies
Common practice in the housing and wealth distribution literature has proceeded as if the modeling of housing rental markets was unnecessary due to renters' relative low levels of wealth and the smaller fraction they represent in the total population. This paper shows, however, that their inclusion matters substantially when dealing with wealth concentration over the life-cycle. Renters are concentrated in the poorer and younger groups and when matching the data on wealth inequality by age groups, the model improves relative to a one asset economy and relative to a housing model with no rental markets.
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Volume (Year): 7 (2007)
Issue (Month): 1 (August)
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