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 homeownership over the past several decades, wholly attributable to households postponing the purchase of their ﬁrst home. House prices only partly explain the de-cline; 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 lev-els of female education ameliorated this trend, highly educated women placing greater value on home ownership.
|Udgiver||Copenhagen Business School, CBS|
|Status||Udgivet - 2019|
|Navn||Working Paper / Department of Economics. Copenhagen Business School|
- Housing demand
- Labor supply
Khorunzhina, N., & Miller, R. A. (2019). American Dream Delayed: Shifting Determinants of Homeownership. Frederiksberg: Copenhagen Business School, CBS. Working Paper / Department of Economics. Copenhagen Business School, Nr. 07-2019