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Accounting for Changes in the Homeownership Rate

Author

Listed:
  • Yoshiro Miwa

    (Faculty of Economics, University of Tokyo)

  • Matthew Chambers

    (Department of Economics, Towson University)

  • Carlos Garriga

    (Department of Economics, Florida State University)

  • Don E. Schlagenhauf

    (Department of Economics, Florida State University)

Abstract

After years of being relatively constant, the homeownership rate -a target for housing policy- has increased since 1995. This paper attempts to understand why the homeownership rate has been increasing by constructing a quantitative model and then using this model to evaluate explanations that have been offered to account for this increase. We find that the increase in the homeownership can be explained by innovations in the mortgage market that allows households to take a positive housing investment position with a much smaller downpayment.

Suggested Citation

  • Yoshiro Miwa & Matthew Chambers & Carlos Garriga & Don E. Schlagenhauf, 2004. "Accounting for Changes in the Homeownership Rate," CIRJE F-Series CIRJE-F-312, CIRJE, Faculty of Economics, University of Tokyo.
  • Handle: RePEc:tky:fseres:2004cf312
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • E - Macroeconomics and Monetary Economics
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment

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