Home Ownership, Savings and Mobility Over The Life Cycle
of financial constraints, housing illiquidities and house price risk to home ownership over the life cycle. We show the existence of a finite dimensional state space, steady state equilibrium with stochastic prices. The calibrated economy is able to explain most of the rise in home ownership over the life cycle. We find that, while some young households rent due to borrowing constraints in the mortgage market, the profile of earnings and the desire for mobility are more important determinants of the ownership rate.
|Date of creation:||2009|
|Contact details of provider:|| Postal: Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA|
Web page: http://www.EconomicDynamics.org/
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