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Cross-Country Differences in Homeownership: A Cultural Phenomenon?

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  • Stefanie J. Huber
  • Tobias Schmidt

Abstract

Cross-country differences in homeownership rates are large and very persistent over time, ranging between 35% in Switzerland to 80% in Spain. In this project we test the hypothesis that these cross-country differences are driven by cultural tastes. To isolate the effect of culture from the effects of institutions and economic factors, we investigate the homeownership attitudes of second generation immigrants in the United States. We find robust evidence that cross-country differences in cultural preferences are an important explanatory factor for the observed persistent differ- ences in homeownership rates across countries.

Suggested Citation

  • Stefanie J. Huber & Tobias Schmidt, 2016. "Cross-Country Differences in Homeownership: A Cultural Phenomenon?," ERES eres2016_47, European Real Estate Society (ERES).
  • Handle: RePEc:arz:wpaper:eres2016_47
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    Cited by:

    1. Nicola Fuchs‐Schündeln & Paolo Masella & Hannah Paule‐Paludkiewicz, 2020. "Cultural Determinants of Household Saving Behavior," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 52(5), pages 1035-1070, August.
    2. Fleck, Johannes & Monninger, Adrian, 2020. "Culture and portfolios: trust, precautionary savings and home ownership," Working Paper Series 2457, European Central Bank.
    3. Schüler, Yves S. & Hiebert, Paul P. & Peltonen, Tuomas A., 2020. "Financial cycles: Characterisation and real-time measurement," Journal of International Money and Finance, Elsevier, vol. 100(C).
    4. Graziella Bertocchi & Marianna Brunetti & Anzelika Zaiceva, 2018. "The Financial Decisions of Immigrant and Native Households: Evidence from Italy," Center for Economic Research (RECent) 137, University of Modena and Reggio E., Dept. of Economics "Marco Biagi".
    5. Clara Toledano, 2017. "House Price Cycles, Wealth Inequality and Portfolio Reshuffling," PSE Working Papers halshs-02797549, HAL.
    6. Orsetta Causa & Nicolas Woloszko & David Leite, 2020. "Housing, Wealth Accumulation and Wealth Distribution: Evidence and Stylized Facts," LWS Working papers 30, LIS Cross-National Data Center in Luxembourg.
    7. Michal Brzezinski & Katarzyna Salach, 2020. "Why wealth inequality differs between post-socialist countries?," Working Papers 551, ECINEQ, Society for the Study of Economic Inequality.
    8. Clara Toledano, 2017. "House Price Cycles, Wealth Inequality and Portfolio Reshuffling," World Inequality Lab Working Papers halshs-02797549, HAL.
    9. Clara Toledano, 2017. "House Price Cycles, Wealth Inequality and Portfolio Reshuffling," Working Papers halshs-02797549, HAL.
    10. Graziella Bertocchi & Marianna Brunetti & Anzelika Zaiceva, 2018. "The Financial Decisions of Immigrant and Native Households: Evidence from Italy," Department of Economics 0138, University of Modena and Reggio E., Faculty of Economics "Marco Biagi".
    11. Marcén, Miriam & Morales, Marina, 2019. "Gender division of household labor: How does culture operate?," GLO Discussion Paper Series 373, Global Labor Organization (GLO).

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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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