Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/336814 
Erscheinungsjahr: 
2026
Schriftenreihe/Nr.: 
SAFE Working Paper No. 467
Verlag: 
Leibniz Institute for Financial Research SAFE, Frankfurt a. M.
Zusammenfassung: 
We show that high-income buyers earn higher capital gains on housing using detailed transaction data from Denmark. Geographic location statistically accounts for nearly all the difference, with little role for aggregate market timing, property type, or other buyer characteristics. This finding is consistent with income-based sorting, whereby higher-income households systematically sort into locations with persistently higher price growth. We test whether credit conditions shape access to locations with higher house-price growth and find no detectable change in buyer composition by income rank around major credit expansions and contractions.
Schlagwörter: 
Housing
wealth inequality
affordability
spatial sorting
inequality
JEL: 
D31
G51
R31
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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