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Type: IFS Working Papers Authors: Jonas D. M. Fisher and Martin Gervais
JEL classification: E0, E2, J1, R21 Keywords: Housing, home ownership, tenure choice, first-time home-buyers, marriage, income risk
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. Search |
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