This paper studies the determinants of housing tenure choice and the differences in the cost of housing services across households in an overlapping generations model with household-specific uninsurable earnings risk and housing prices that vary over time. We model houses as illiquid assets that provide collateral for loans. To analyze the impact of preferential housing taxation on the tenure choice, we consider a tax system that mimics that of the U.S. economy in a stylized way. We find that a mixture of idiosyncratic earnings uncertainty, house price risk, down payments and transaction costs are needed for the model to deliver life cycle patterns of homeownership and portfolio composition similar to those found in the data. Through simula...
The conventional wisdom that homeownership is very risky ignores the fact that the alternative, rent...
Owner-occupied housing plays a central role in the portfolios of many households. Recent work has ex...
The conventional wisdom that homeownership is very risky ignores the fact that the alternative, rent...
This paper studies the determinants of housing tenure choice and the differences in the cost of hous...
This paper studies the determinants of housing tenure choice and the differences in the cost of hous...
This paper studies the differences in the cost of housing services for renters and homeowners and ca...
This paper studies the differences in the cost of housing services for renters and homeowners and ca...
This paper analyzes the connection between the asymmetric tax treatment of home-owners and landlords...
We present a comprehensive model of household tenure choice that allows for the taxation of imputed ...
The paper begins with a general model of demand for housing in an intertemporal utility maximization...
This paper studies the impact of the preferential tax treatment of housing, including the mortgage i...
Most past studies focus on the impacts of mobility, user’s cost, expected capital gain, and income s...
Homeowners do not diversify their risky home equity because of fixed costs of issuing securities and...
The paper presents a model where ownership becomes important for the utility a household gets from h...
Previous studies of demand for local public goods treat renters in some ad hoc manner, or look only ...
The conventional wisdom that homeownership is very risky ignores the fact that the alternative, rent...
Owner-occupied housing plays a central role in the portfolios of many households. Recent work has ex...
The conventional wisdom that homeownership is very risky ignores the fact that the alternative, rent...
This paper studies the determinants of housing tenure choice and the differences in the cost of hous...
This paper studies the determinants of housing tenure choice and the differences in the cost of hous...
This paper studies the differences in the cost of housing services for renters and homeowners and ca...
This paper studies the differences in the cost of housing services for renters and homeowners and ca...
This paper analyzes the connection between the asymmetric tax treatment of home-owners and landlords...
We present a comprehensive model of household tenure choice that allows for the taxation of imputed ...
The paper begins with a general model of demand for housing in an intertemporal utility maximization...
This paper studies the impact of the preferential tax treatment of housing, including the mortgage i...
Most past studies focus on the impacts of mobility, user’s cost, expected capital gain, and income s...
Homeowners do not diversify their risky home equity because of fixed costs of issuing securities and...
The paper presents a model where ownership becomes important for the utility a household gets from h...
Previous studies of demand for local public goods treat renters in some ad hoc manner, or look only ...
The conventional wisdom that homeownership is very risky ignores the fact that the alternative, rent...
Owner-occupied housing plays a central role in the portfolios of many households. Recent work has ex...
The conventional wisdom that homeownership is very risky ignores the fact that the alternative, rent...