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The Housing Stock, Housing Prices, and User Costs: the Roles of Location, Structure, and Unobserved Quality

Abstract : Which housing characteristics are important for understanding homeownership rates? How are housing characteristics priced in rental and owner-occupied markets? What can answers to these questions tell us about economic theories of homeownership? Using the English Housing Survey, we estimate a selection model of property allocations to the owner-occupied and rental sectors. Structural characteristics and unobserved quality are important for selection. Location is not. Accounting for selection is important for rent-to-price ratio estimates and explains some puzzling correlations between rent-to-price ratios and homeownership rates. These patterns are consistent with, among others, hypotheses of rental market contracting frictions related to housing maintenance.
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https://hal-sciencespo.archives-ouvertes.fr/hal-03799462
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Submitted on : Wednesday, October 5, 2022 - 10:04:42 PM
Last modification on : Thursday, October 20, 2022 - 4:01:24 AM

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Distributed under a Creative Commons Attribution 4.0 International License

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Jonathan Halket, Lars Nesheim, Florian Oswald. The Housing Stock, Housing Prices, and User Costs: the Roles of Location, Structure, and Unobserved Quality. International Economic Review, 2020, 61 (4), pp.1777-1814. ⟨10.1111/iere.12475⟩. ⟨hal-03799462⟩

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