Estimating the Consumption and Investment Demands for Housing and Their Effect on Housing Tenure Status
Theoretical work suggests that families live in owner-occupied housing if their investment demand for housing exceeds their consumption demand for housing. Using household data from the 1983 Survey of Consumer Finances, the authors test this theory by estimating an ordered probit model of whether families rent without owning property, rent while owning property other than their home, own their home without owning other properties, or own their home in addition to other properties. For owner-occupiers who own additional property, both the investment and consumption demands are directly observed, enabling the authors to separately identify these functions. Copyright 1994 by MIT Press.
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Volume (Year): 76 (1994)
Issue (Month): 1 (February)
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