Scandinavian Working Papers in Economics
Working Papers,
Copenhagen Business School, Department of Economics
No 7-2019: American Dream Delayed: Shifting Determinants of Homeownership
Natalia Khorunzhina (nk.eco@cbs.dk) and Robert A. Miller (ramiller@cmu.edu)
Additional contact information
Natalia Khorunzhina: Department of Economics, Copenhagen Business School, Postal: Copenhagen Business School, Department of Economics, Porcelaenshaven 16 A. 1. floor, DK-2000 Frederiksberg, Denmark
Robert A. Miller: Tepper School of Business, Postal: Carnegie Mellon University , 5000 Forbes Avenue,Pittsburgh,, PA 15213,USA
Abstract: This paper develops and estimates a dynamic model of discrete choice for labor supply, fertility and transition from tenant to home-owner,to investigate the secular decline in home ownership over the past several decades,wholly attributable to households postponing the purchase of their first home. House prices only partly explain the decline; higher base level wages led to lower fertility also contributing to the decline,because households with children are more likely to own a home than those without.Somewhat surprisingly we find higher levels of female education ameliorated this trend,highly educated women placing greater value on homeownership.
Keywords: Housing Demand; Fertility; Labor Supply
JEL-codes: D14; D91; J13; J22; R21
47 pages, July 3, 2019
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