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Tenure Choice, Housing Demand, and Residential Location

This paper incorporates location and tenure choice into a simultaneous equation model of housing demand. The estimation results reveal that an important asymmetry may exist between renters and homeowners in terms of their respective housing decisions. The most important finding in this paper is that for homeowners housing quality and locations are jointly determined. Equally important, the decision process for homeowners appears to be sequential in nature, with tenure choice independent of the housing demand and location decisions. However, this does not appear to be the case for renters. It may be that for tenants location and housing quality choices are more limited than for homeowners.

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Article provided by American Real Estate Society in its journal Journal of Real Estate Research.

Volume (Year): 6 (1991)
Issue (Month): 3 ()
Pages: 341-356

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Handle: RePEc:jre:issued:v:6:n:3:1991:p:341-356
Contact details of provider: Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
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Order Information: Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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  1. Artle, Roland & Varaiya, Pravin, 1978. "Life cycle consumption and homeownership," Journal of Economic Theory, Elsevier, vol. 18(1), pages 38-58, June.
  2. Stuart S. Rosenthal, 1986. "A residence time model of housing markets," Working Paper Series / Economic Activity Section 65, Board of Governors of the Federal Reserve System (U.S.).
  3. Mahlon R. Straszheim, 1975. "An Econometric Analysis of the Urban Housing Market," NBER Books, National Bureau of Economic Research, Inc, number stra75-1, June.
  4. Smith, Lawrence B & Rosen, Kenneth T & Fallis, George, 1988. "Recent Developments in Economic Models of Housing Markets," Journal of Economic Literature, American Economic Association, vol. 26(1), pages 29-64, March.
  5. de Leeuw, Frank, 1971. "The Demand for Housing: A Review of Cross-Section Evidence," The Review of Economics and Statistics, MIT Press, vol. 53(1), pages 1-10, February.
  6. Charles M. Tiebout, 1956. "A Pure Theory of Local Expenditures," Journal of Political Economy, University of Chicago Press, vol. 64, pages 416.
  7. King, Mervyn A., 1980. "An econometric model of tenure choice and demand for housing as a joint decision," Journal of Public Economics, Elsevier, vol. 14(2), pages 137-159, October.
  8. Haugen, Robert A & Heins, A James, 1969. "A Market Separation Theory of Rent Differentials in Metropolitan Areas," The Quarterly Journal of Economics, MIT Press, vol. 83(4), pages 660-72, November.
  9. G. Donald Jud & D. Gordon Bennett, 1986. "Public Schools and the Pattern of Intraurban Residential Mobility," Land Economics, University of Wisconsin Press, vol. 62(4), pages 362-370.
  10. Olsen, Edgar O., 1987. "The demand and supply of housing service: A critical survey of the empirical literature," Handbook of Regional and Urban Economics, in: E. S. Mills (ed.), Handbook of Regional and Urban Economics, edition 1, volume 2, chapter 25, pages 989-1022 Elsevier.
  11. Donald E. Frey, 1989. "A Structural Approach to the Economic Base Multiplier," Land Economics, University of Wisconsin Press, vol. 65(4), pages 352-358.
  12. Courant, Paul N., 1978. "Racial prejudice in a search model of the urban housing market," Journal of Urban Economics, Elsevier, vol. 5(3), pages 329-345, July.
  13. Gabriel, Stuart A & Rosenthal, Stuart S, 1989. "Household Location and Race: Estimates of Multinomial Logit Model," The Review of Economics and Statistics, MIT Press, vol. 71(2), pages 240-49, May.
  14. Mervyn A. King, 1980. "An econometric model of tenure choice and demand for housing as a joint decision," NBER Chapters, in: Econometric Studies in Public Finance, pages 137-159 National Bureau of Economic Research, Inc.
  15. Martin J. Bailey, 1959. "Note on the Economics of Residential Zoning and Urban Renewal," Land Economics, University of Wisconsin Press, vol. 35(3), pages 288-292.
  16. Lee, Lung-Fei & Trost, Robert P., 1978. "Estimation of some limited dependent variable models with application to housing demand," Journal of Econometrics, Elsevier, vol. 8(3), pages 357-382, December.
  17. Brown, Barbara, 1985. "Location and housing demand," Journal of Urban Economics, Elsevier, vol. 17(1), pages 30-41, January.
  18. Gillingham, Robert & Hagemann, Robert, 1983. "Cross-sectional estimation of a simultaneous model of tenure choice and housing services demand," Journal of Urban Economics, Elsevier, vol. 14(1), pages 16-39, July.
  19. Li, Mingche M, 1977. "A Logit Model of Homeownership," Econometrica, Econometric Society, vol. 45(5), pages 1081-97, July.
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