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Saving up or settling down: Home ownership over the life cycle

Halket, J; Vasudev, S; (2014) Saving up or settling down: Home ownership over the life cycle. Review of Economic Dynamics , 17 (2) pp. 345-366. 10.1016/j.red.2013.06.002. Green open access

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Abstract

In a Bewley model with endogenous price volatility, home ownership and mobility across locations and jobs, we assess the contribution of financial constraints, housing illiquidities and house price risk to home ownership over the life cycle. The model can explain the rise in home ownership and fall in mobility over the life cycle. While some households rent due to borrowing constraints in the mortgage market, factors that affect propensities to save and move, such as risky house values and transactions costs, are equally important determinants of the ownership rate.

Type: Article
Title: Saving up or settling down: Home ownership over the life cycle
Open access status: An open access version is available from UCL Discovery
DOI: 10.1016/j.red.2013.06.002
Publisher version: http://dx.doi.org/10.1016/j.red.2013.06.002
Language: English
Additional information: Open Access funded by Economic and Social Research Council Under a Creative Commons license
Keywords: Home ownership; Incomplete markets; Illiquid assets; Financial constraints
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL SLASH
UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of S&HS > Dept of Economics
URI: https://discovery.ucl.ac.uk/id/eprint/1470124
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