The Ins and Arounds of the Housing Market
This paper uses longitudinal micro data from the Panel Study of Income Dynamics (PSID) to document the turnover behavior in the housing market. Fact 1: moves are procyclical. Fact 2: the gross flows into and out of the owner-occupied segment of the housing market are four times larger than the corresponding net flows. Fact 3: net flows and gross flows into and out of the owner-occupied segment of the housing market are procyclical. Fact 4: rent-to-rent flows lead the cycle, but then become countercyclical. Fact 5: rent-to-own flows tend to lead the cycle. Fact 6: own-to-own flows tend to lag the cycle. Fact 7: own-to-rent flows are acyclical. Fact 8: geographically close moves within the same zip code are procyclical for all households, but acyclical for households with a displaced household head. Fact 9: moves across state lines are procyclical independently of the labor market fate of the household. Fact 10: there is little evidence that labor market flows, in particular flows from employment into unemployment, drive housing flows.
|Date of creation:||2012|
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