Homeownership and the Life Cycle: an Ordered Logit Approach
This paper presents an ordered logit approach to model the optimal timing of buying a house in the life cycle. The model is applied to three recent Belgian household budget surveys. We find that households postpone homeownership or choose to be lifelong tenant due to an increase of the transaction tax rate, the real interest rate on mortgages and an indicator for the evolution of real house prices. Expenditures on nondurables, on the contrary, have a positive impact on (early) homeownership.
|Date of creation:||Mar 2003|
|Contact details of provider:|| Web page: http://feb.kuleuven.be/Economics/|
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- Guiso, Luigi & Jappelli, Tullio, 2002.
"Private Transfers, Borrowing Constraints and the Timing of Homeownership,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 34(2), pages 315-339, May.
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- 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. Full references (including those not matched with items on IDEAS)
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