Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/47481
Authors: 
Fisher, Jonas D. M.
Gervais, Martin
Year of Publication: 
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

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