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Who’s on First? Characteristics of First-Time Homebuyers

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Abstract

In our previous post, we presented a new measure of first-time homebuyers. In this post, we use this improved measure to describe the characteristics of first-time buyers and how those characteristics change over time. Having an accurate assessment of first-time buyers is important given that the aim of many housing policies is to support the transition from renting to owning. A proper assessment of these housing policies requires an understanding of the impact of these policies on the share of first-time buyers and the characteristics of these buyers. Our third post will directly examine the sustainability of homeownership by first-time buyers.

Suggested Citation

  • Donghoon Lee & Joseph Tracy, 2019. "Who’s on First? Characteristics of First-Time Homebuyers," Liberty Street Economics 20190410, Federal Reserve Bank of New York.
  • Handle: RePEc:fip:fednls:87325
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    More about this item

    Keywords

    Consumer Credit Panel; mortgage; first-time home buyers;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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