Housing Debt and Elderly Housing Tenure Choices
In: Real Estate Economics, Forthcoming
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In: Real Estate Economics, Forthcoming
SSRN
In: Urban studies, Band 34, Heft 1, S. 105-124
ISSN: 1360-063X
This paper estimates housing tenure choice models for the Ibadan housing market in Nigeria. The empirical analysis based on a logit regression model reveals that the key determi- i-nants of the probability of home-ownership are: income, the investment motive for home-ownership, number of children in the house, gender of the head of household, stage in family life-cycle, length of stay in the city and access to land on the basis of ethnic qualification. Access to institutional sources of housing finance is selective and, as such, has not been effective in enhancing home-ownership across the city.
This study aims to identify the preferences of low-income people in making housing tenure choices within the next 5 years. Each person has the right to have a place to live in. However, the options available for low-income people to own a home are limited. Therefore, information on the preferences of low-income people in purchasing houses needs to be identified so that the government can formulate effective and efficient intervention policies. A sample of 1030 samples was obtained using the stratification sampling method, of which 638 are households had rental status (taking households with the lowest level of welfare between 10-40%) in the Regency and City. Discrete choice models were used to determine the preferences in owning a home. The study revealed that demographic variables and household characteristics variables (household size and length of stay) had consistent negative relationships with preferences for buying a house in the future. Also, the government needs to take action so that the socialization of housing policy becomes more optimal, effective and targeted. The goal of the policy socialization should be directed to newly married couples.
BASE
In: Review of European studies: RES, Band 6, Heft 1
ISSN: 1918-7181
In: Urban studies, Band 39, Heft 1, S. 7-32
ISSN: 1360-063X
Using a 1996 national survey of housing in China and a multilevel modelling technique, we examine housing tenure choice in transitional urban China where households have been granted limited freedom of choice in the housing market since the housing reforms of 1988. We find that both market mechanisms and institutional forces affect households' tenure choice in urban China. While some socioeconomic factors such as age, household size, household income and housing price have similar effects on tenure choice as in the West, others such as the number of workers and marital status have rather different effects. In addition, factors characterising institutional relationships among the state, work units and households, such as hukou, job rank and work unit rank, still play important roles in tenure choice.
In: IZA Discussion Paper No. 13836
SSRN
Working paper
In: China economic review, Band 68, S. 101638
ISSN: 1043-951X
Housing affordability is a hotly debated issue on global scale. A lack of affordable housing of decent quality is a chronic problem in urban areas. Governments try to alleviate it by stimulating homeownership among middle-income households and providing social housing for the low-income households. Such policies are very costly. Thus, this study aims to assess at least tentatively the effectiveness of the policies supporting construction of affordable housing. We do this using a novel index of the governmental support of affordable housing construction. It covers G7 countries between 1919 and 2020. We conclude from our empirical analysis that governmental policy indeed positively affects homeownership rates and social housing rates. Thus, the government can contribute to the provision of the affordable housing, although the cost of this policy cannot be quantified yet.
BASE
In: DIW Berlin Discussion Paper No. 1997
SSRN
In: Habitat international: a journal for the study of human settlements, Band 53, S. 301-311
In: China economic review, Band 22, Heft 3, S. 408-427
ISSN: 1043-951X
In: Journal of post-Keynesian economics, Band 34, Heft 4, S. 653-684
ISSN: 1557-7821
In: City & community: C & C, Band 20, Heft 4, S. 297-325
ISSN: 1540-6040
The purchase of a home is the largest investment made by most American families, and home equity is the largest component of family wealth. Scholars have long documented the social and economic merits of homeownership and explored the factors that influence access to it. However, despite the abundance of literature on homeownership and housing tenure choice, we lack a study that focuses on whether and how debt and wealth influence a household's decision to own or rent a home. Using 2004 and 2008 panel data from the Survey of Income and Program Participation (SIPP), this study attempts to identify the causal effect of household debt and wealth on a household's decision to change tenure choice by examining what factors influence transition from homeowner to renter or from renter to homeowner. Data analysis shows that household secured debt, household wealth, and household income play a significant role in household's change in tenure choice. While race is not a significant factor influencing the likelihood of a homeowner transitioning to a renter, it was a significant factor for a renter transitioning to a homeowner. Minority renters are significantly less likely to become homeowners compared with white renters, even when controlling for wealth and debt.
In: Urban studies, Band 53, Heft 5, S. 957-977
ISSN: 1360-063X
This paper investigates the heterogeneity of housing-tenure choice in the city of Guangzhou based on a household survey. Using methods of finite mixture regression, we identified three groups with distinct housing-tenure choice subprocesses, which we labelled as the 'urban elites', the 'native plebeians' and the 'lower masses', accordingly. The urban elites group includes affluent local urban residents, migrants from other cities and privileged citizens such as state employees and Communist Party members. Housing-tenure choice among the urban elites positively correlates with marital status, age and education. The native plebeians group is comprised of less affluent local residents, including those with rural Hukou status. They have the highest homeownership rate among the three groups and their housing-tenure choice positively correlates with household size and income. The majority of the lower masses are migrants from rural areas. They are mostly renters, although household size was found to be a significant predictor of homeownership. Institutional factors such as Hukou status, Party membership and state employment affect tenure outcomes for both the urban elites and the lower masses, but not for the native plebeians. These findings show the correspondence between housing-tenure choice subprocesses and socioeconomic differentiation, and suggest a need to create housing policies tailored for specific housing groups.
In: North central journal of agricultural economics: NCJAE, Band 9, Heft 2, S. 217