Amior, Michael; Halket, Jonathan - London School of Economics (LSE) - 2014
Are households more likely to be homeowners when “housing risk” is higher? We show that home-ownership rates and loan … disentangle the contributions of high price levels from high volatilities by building a life-cycle model of home-ownership choices …. We find that higher price levels can explain most of the lower home-ownership. Higher risk in the model leads to slightly …