American Dream Delayed: Shifting Determinants of Homeownership

Natalia Khorunzhina, Robert A. Miller

Research output: Contribution to conferencePaperResearchpeer-review

Abstract

This paper develops and estimates a dynamic model of discrete choice for labor supply, fertility and transition from tenant to homeowner, 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 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 home ownership.
Original languageEnglish
Publication date2019
Number of pages47
Publication statusPublished - 2019
Event3rd Conference and Summer School on Structural Dynamic Models: Applications in Industrial Organization, Marketing, and Business Analytics - The University of Chicago Booth School of Business, Chicago, United States
Duration: 10 Jul 201911 Jul 2019
Conference number: 3
https://dseconf.org/dse2019conf#

Conference

Conference3rd Conference and Summer School on Structural Dynamic Models
Number3
LocationThe University of Chicago Booth School of Business
CountryUnited States
CityChicago
Period10/07/201911/07/2019
Internet address

Keywords

  • Housing Demand
  • Fertility
  • Labor supply

Cite this

Khorunzhina, N., & Miller, R. A. (2019). American Dream Delayed: Shifting Determinants of Homeownership. Paper presented at 3rd Conference and Summer School on Structural Dynamic Models, Chicago, United States.
Khorunzhina, Natalia ; Miller, Robert A. / American Dream Delayed : Shifting Determinants of Homeownership. Paper presented at 3rd Conference and Summer School on Structural Dynamic Models, Chicago, United States.47 p.
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Khorunzhina, N & Miller, RA 2019, 'American Dream Delayed: Shifting Determinants of Homeownership' Paper presented at, Chicago, United States, 10/07/2019 - 11/07/2019, .

American Dream Delayed : Shifting Determinants of Homeownership. / Khorunzhina, Natalia; Miller, Robert A.

2019. Paper presented at 3rd Conference and Summer School on Structural Dynamic Models, Chicago, United States.

Research output: Contribution to conferencePaperResearchpeer-review

TY - CONF

T1 - American Dream Delayed

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AU - Khorunzhina, Natalia

AU - Miller, Robert A.

PY - 2019

Y1 - 2019

N2 - This paper develops and estimates a dynamic model of discrete choice for labor supply, fertility and transition from tenant to homeowner, 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 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 home ownership.

AB - This paper develops and estimates a dynamic model of discrete choice for labor supply, fertility and transition from tenant to homeowner, 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 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 home ownership.

KW - Housing demand

KW - Fertility

KW - Labor supply

KW - Housing Demand

KW - Fertility

KW - Labor supply

M3 - Paper

ER -

Khorunzhina N, Miller RA. American Dream Delayed: Shifting Determinants of Homeownership. 2019. Paper presented at 3rd Conference and Summer School on Structural Dynamic Models, Chicago, United States.