| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP13195 |
| DP13195 Perception of House Price Risk and Homeownership | |
| Manuel Adelino; Antoinette Schoar | |
| 发表日期 | 2018-09-20 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | This paper analyzes the importance of household perceptions of house price risk in explaining homeownership choice. While a majority of US households (71%) believes that housing is a “safe” investment, renters are much more likely to perceive housing as risky. Risk perceptions vary across demographic groups, but significant differences persist after controlling for observables, such as income, savings, or location. Current housing decisions and future intentions to buy versus rent are strongly correlated with perceptions of house price risk. Households’ exposure to housing risk due to financial constraints, expected mobility or labor income risk affect the decision to buy versus rent but do not mitigate the impact of risk perceptions on housing choices. Finally, we show that all households update their beliefs about the riskiness of housing in response to past (local) house price changes, but renters are much slower to update than owners. Since renters’ decisions to buy are especially sensitive to their perception of house price risk, it might explain their delayed entry into home ownership during a house price run-up and even prolong the housing cycle. |
| 主题 | Financial Economics |
| URL | https://cepr.org/publications/dp13195 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541998 |
| 推荐引用方式 GB/T 7714 | Manuel Adelino,Antoinette Schoar. DP13195 Perception of House Price Risk and Homeownership. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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