Leaving home and housing prices. The experience of Italian youth emancipation
This paper provides an explanation for the postponement of the youth emancipa- tion in the Italian context mainly characterized by a sharp increase in both house and rent prices together with a stagnant disposable income over the last decade. We first assemble a unique database related to the housing and rental market value which is then matched with household characteristics. We find a significant effect of the real estate market: the probability of moving out decreases by about 0.45% and 1.18% for males and females respectively for a one-standard-deviation increase in house prices. Together with property prices, local labour markets play a prominent role in determin- ing unemployed youth decisions to postpone the transition. The youngest cohort was mainly affected by the real estate market evolution occurred in the last decade
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- Giovanni D'Alessio & Romina Gambacorta, 2007. "Home affordability in Italy," Questioni di Economia e Finanza (Occasional Papers) 9, Bank of Italy, Economic Research and International Relations Area.
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