| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15462 |
| 来源ID | Working Paper 15462 |
| Can Owning a Home Hedge the Risk of Moving? | |
| Todd M. Sinai; Nicholas S. Souleles | |
| 发表日期 | 2009-10-29 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | Conventional wisdom holds that one of the riskiest aspects of owning a house is the uncertainty surrounding its sale price, especially if one moves to another housing market. However, households who sell a house typically buy another house, whose purchase price is also uncertain. We show that for such households, home owning often hedges their net exposure to housing market risk, because their sale price covaries positively with house prices in their likely new market. That expected covariance is much higher than previously recognized because there is considerable heterogeneity across city pairs in how much house prices covary and households tend to move between the highly correlated housing markets. Taking these two considerations into account increases the estimated median expected correlation in real house price growth across MSAs from 0.35 to 0.60. Moreover, we show that households' decisions whether to own or rent are sensitive to this "moving-hedge" value. We find that the likelihood of home owning for a mobile household is more than one percentage point higher when the expected house price covariance rises by 38 percent (one standard deviation). This effect attenuates as a household's probability of moving diminishes and thus the moving-hedge value declines. |
| 主题 | Macroeconomics ; Consumption and Investment ; Financial Economics ; Portfolio Selection and Asset Pricing ; Labor Economics ; Unemployment and Immigration ; Regional and Urban Economics ; Real Estate |
| URL | https://www.nber.org/papers/w15462 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573138 |
| 推荐引用方式 GB/T 7714 | Todd M. Sinai,Nicholas S. Souleles. Can Owning a Home Hedge the Risk of Moving?. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w15462.pdf（245KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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