American Dream Delayed

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American Dream Delayed

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Title: American Dream Delayed
Shifting Determinants of Homeownership
Author: Khorunzhina, Natalia; Miller, Robert A.
Abstract: This paper develops and estimates a dynamic model of discrete choice for labor supply, fertility and transition from tenant to home-owner, to investigate the secular decline in homeownership over the past several decades, wholly attributable to households postponing the purchase of their first home. House prices only partly explain the de-cline; higher base level wages led to lower fertility also contributing to the decline, because households with children are more likely to own a home than those without. Somewhat surprisingly we find higher lev-els of female education ameliorated this trend, highly educated women placing greater value on home ownership.
URI: http://hdl.handle.net/10398/9746
Date: 2019-07-09

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