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Intergenerational Homeownership in France over the 20th Century

Author

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  • Bertrand Garbinti

    (CREST)

  • Frédérique Savignac

    (Banque de France)

Abstract

We estimate the intergenerational correlation in homeownership status between two generations for cohorts covering the 20th century. First, we find higher intergenerational correlation in France compared to previous results obtained for the U.K. for similar cohorts. Second, the intergenerational correlation is increasing across cohorts, with a relatively stable probability of being a homeowner for children of homeowners over time, and a decreasing probability for children whose parents were not homeowners. Third, the effect of parents’ tenure status is persistent over the children’s life cycle. Fourth, when isolating two subpopulations based on the receipt of intergenerational transfers, we find significant intergenerational correlation in tenure status for children who did not receive any gift or inheritance, as well as for children who received intergenerational transfers, suggesting that other factors such as intergenerational income correlation or the transmission of preferences might also explain this intergenerational correlation.

Suggested Citation

  • Bertrand Garbinti & Frédérique Savignac, 2021. "Intergenerational Homeownership in France over the 20th Century," Working Papers 2021-04, Center for Research in Economics and Statistics.
    • Handle: RePEc:crs:wpaper:2021-04
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    References listed on IDEAS

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    1. Seymour Spilerman & Francois-Charles Wolff, 2012. "Parental wealth and resource transfers: How they matter in France for home ownership and living standards," Post-Print hal-03914532, HAL.
    2. repec:hal:pseose:halshs-00944868 is not listed on IDEAS
    3. Piketty, Thomas & Postel-Vinay, Gilles & Rosenthal, Jean-Laurent, 2014. "Inherited vs self-made wealth: Theory & evidence from a rentier society (Paris 1872–1927)," Explorations in Economic History, Elsevier, vol. 51(C), pages 21-40.
    4. Bertrand Garbinti & Jonathan Goupille-Lebret & Thomas Piketty, 0. "Accounting for Wealth-Inequality Dynamics: Methods, Estimates, and Simulations for France," Journal of the European Economic Association, European Economic Association, vol. 19(1), pages 620-663.
    5. Barbara Castillo Rico, 2020. "Trends in intergenerational homeownership mobility in France between 1960-2015," AMSE Working Papers 2008, Aix-Marseille School of Economics, France.
    6. Luc Arrondel & Bertrand Garbinti & André Masson, 2014. "Inégalités de patrimoine entre générations : les donations aident‑elles les jeunes à s’installer ?," Économie et Statistique, Programme National Persée, vol. 472(1), pages 65-100.
    7. Thomas Piketty & Gilles Postel-Vinay & Jean-Laurent Rosenthal, 2006. "Wealth Concentration in a Developing Economy: Paris and France, 1807–1994," American Economic Review, American Economic Association, vol. 96(1), pages 236-256, March.
    8. Bertrand GARBINTI & Frédérique SAVIGNAC, 2020. "Accounting for Intergenerational Wealth Mobility in France over the 20th Century: Method and Estimations," Working Papers 2020-16, Center for Research in Economics and Statistics.
    9. Green, Richard K. & White, Michelle J., 1997. "Measuring the Benefits of Homeowning: Effects on Children," Journal of Urban Economics, Elsevier, vol. 41(3), pages 441-461, May.
    10. Clara Mulder & Caroline Dewilde & Mark Duijn & Annika Smits, 2015. "The Association Between Parents’ and Adult Children’s Homeownership: A Comparative Analysis," European Journal of Population, Springer;European Association for Population Studies, vol. 31(5), pages 495-527, December.
    11. Carole Bonnet & Bertrand Garbinti & Sébastien Grobon, 2018. "Rising inequalities in access to home ownership among young households in France, 1973-2013," Economie et Statistique / Economics and Statistics, Institut National de la Statistique et des Etudes Economiques (INSEE), issue 500-501-5, pages 117-138.
    12. Bertrand Garbinti & Jonathan Goupille-Lebret & Thomas Piketty, 2021. "Accounting for Wealth-Inequality Dynamics: Methods, Estimates, and Simulations for France," Journal of the European Economic Association, European Economic Association, vol. 19(1), pages 620-663.
    13. Nicholas Fritsch & Rawley Heimer, 2020. "Intergenerational Homeownership and Mortgage Distress," Economic Commentary, Federal Reserve Bank of Cleveland, vol. 2020(12), pages 1-7, June.
    14. Laurie S. Goodman & Christopher Mayer, 2018. "Homeownership and the American Dream," Journal of Economic Perspectives, American Economic Association, vol. 32(1), pages 31-58, Winter.
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    More about this item

    Keywords

    housing; intergenerational wealth mobility; cohorts;
    All these keywords.

    JEL classification:

    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • J62 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Job, Occupational and Intergenerational Mobility; Promotion
    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand

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