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 () and Robert A. Miller ()
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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