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Drivers of Homeownership Rates in Selected OECD Countries

Listed author(s):
  • Dan Andrews


  • Aida Caldera Sánchez


Homeownership rates have increased significantly in many OECD countries over recent decades. Using micro-econometric decomposition techniques, this paper shows that part of this increase can be explained by changes in the characteristics of households, including age, household structure, incomes and education. Nevertheless, a significant portion of the change in homeownership rates remains unexplained by shifts in household characteristics, leaving a potential role for public policy in explaining developments in homeownership rates. Panel estimates suggest that the relaxation of down-payment constraints on mortgage loans has increased homeownership rates among credit-constrained households over recent decades, resulting in a rise in the aggregate homeownership rate that is comparable to the impact of population ageing. In countries where tax relief on mortgage debt financing is generous, however, the expansionary impact of mortgage market innovations on homeownership is smaller. This is consistent with the tendency for such housing tax reliefs to be capitalised into real house prices, which may crowd-out some financially constrained households from homeownership at the margin. The impact of housing policies regulating the functioning of the rental market, such as rent regulation and provisions for tenure security, on tenure choice is also explored. Les déterminants du taux de propriété immobilière dans les pays de l'OCDE Les taux d'accession à la propriété immobilière ont augmenté de façon significative dans de nombreux pays de l'OCDE au cours des dernières décennies. En utilisant des techniques micro-économétriques, cette étude montre qu'une partie de cette augmentation est expliquée par des changements dans les caractéristiques des ménages, y compris l'âge, la structure du ménage, les revenus et l'éducation. Néanmoins, une part importante de la variation des taux d'accession à la propriété ne s’explique pas par des changements dans les caractéristiques du ménage, ce qui laisse un rôle potentiel aux politiques publiques pour expliquer l'évolution des taux d'accession à la propriété. Des estimations de panel suggèrent que l'assouplissement des conditions d’apport pour les prêts hypothécaires a augmenté les taux d’accession à la propriété parmi les ménages en butte à des contraintes de crédits, entraînant un effet sur les taux d' accession à la propriété globale comparable à l'impact du vieillissement de la population. Dans les pays où des allégements d’impôt sur le financement de la dette hypothécaire sont généreux, cependant, l'effet expansionniste des innovations sur le marché hypothécaire sur l'accession à la propriété est moindre. Ceci est cohérent avec la tendance pour ces dégrèvements fiscaux à être capitalisées dans les prix réels des logements, ce qui peut évincer, à la marge, certains ménages en difficulté financièrement à l’accession à la propriété. L'impact des politiques du logement qui régissent le fonctionnement du marché locatif sur le mode d'occupation est également exploré.

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Paper provided by OECD Publishing in its series OECD Economics Department Working Papers with number 849.

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Date of creation: 18 Mar 2011
Handle: RePEc:oec:ecoaaa:849-en
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