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Title:Housing, home ownership, tenure choice, first-time home-buyers, marriage, income risk PDF Logo
Authors:Fisher, Jonas D. M.
Gervais, Martin
Issue Date:2009
Series/Report no.:IFS working papers 09,08
Abstract:We document that home ownership of households with heads aged 25-44 years fell substantially between 1980 and 2000 and recovered only partially during the 2001{2005 housing boom. The 1980{2000 decline in young home ownership occurred as improvements in mortgage opportunities made it easier to purchase a home. This paper uses an equilibrium life-cycle model calibrated to micro and macro evidence to understand why young home ownership fell over a period when it became easier to own a home. Our findings indicate that a trend toward marrying later and the increase in household earnings risk that occurred after 1980 account for 3/5 to 4/5 of the decline in young home ownership.
Subjects:Housing
home ownership
tenure choice
first-time home-buyers
marriage
income risk
JEL:E0
E2
J1
R21
Document Type:Working Paper
Appears in Collections:IFS Working Papers, Institute for Fiscal Studies (IFS)

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