The effect of homeownership on the option value of regional migration

Florian Oswald

This paper estimates a lifecycle model of consumption, housing choice, and migration in the presence of aggregate and regional shocks, using the Survey of Income and Program Participation (SIPP). The model delivers structural estimates of moving costs by ownership status, age, and family size that complement the previous literature. Using the model, I first show that migration elasticities vary substantially between renters and owners, and I estimate the consumption value of having the option to migrate across regions when there are regional shocks. This value is of lifetime consumption on average, and it varies substantially with household type.

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Year of publication:	2019
Authors:	Oswald, Florian
Published in:	Quantitative economics : QE ; journal of the Econometric Society. - Oxford [u.a.] : Wiley, ISSN 1759-7331, ZDB-ID 2569569-1. - Vol. 10.2019, 4, p. 1453-1493
Subject:	Migration \| housing \| lifecycle consumption \| regional shocks \| Wohneigentum \| Homeownership \| Schock \| Shock \| Binnenwanderung \| Internal migration \| Immobilienpreis \| Real estate price \| Schätzung \| Estimation \| Lebenszyklus \| Life cycle \| Räumliche Verteilung \| Spatial distribution \| Privater Konsum \| Private consumption

Type of publication:	Article
Type of publication (narrower categories):	Aufsatz in Zeitschrift ; Article in journal
Language:	English
Other identifiers:	10.3982/QE872 [DOI] hdl:10419/217172 [Handle]
Classification:	J6 - Mobility, Unemployment, and Vacancies ; R2 - Household Analysis ; R23 - Regional Migration; Regional Labor Markets; Population
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012202852