• Der gestiegene Eigenkapitalbedarf stellt die zentrale Hürde beim Immobilienerwerb in Deutschland dar. Im Median musste ein durchschnittlicher Haushalt, zwischen 2015 und 2024, 9,37 Jahre sparen, um das erforderliche Eigenkapital aufzubringen. • Einen wesentlichen Anteil macht hierbei...

• The rise in total upfront cash requirement has become the main obstacle to homeownership in Germany. Between 2015 and 2024, the average household needed a median of 9.37 years to save the necessary funds for a home purchase. • A substantial share of this burden comes not from the price...

We show that particulate matter pollution is lower in advanced economies where political parties favor homeownership. We rationalize this with a simple model featuring a polluting industry and owner-occupiers who push to restrict undesirable land uses. Pollution declines when homeowners have...

Housing is the largest capital asset for most families. While the intergenerational mobility literature has extensively studied the income distribution, it has devoted less attention to housing, in part due to data limitations. We document 3 features of intergenerational mobility by comparing...

Wie haben sich die Wohneigentumsquoten in Deutschland zwischen den Zensusjahren 2011 und 2022 entwickelt? Auf der Grundlage von Daten der Gebäude- und Wohnungszählungen sowie von ergänzenden personenbezogenen Informationen aus der Haushaltebefragung des Zensus geht der Beitrag dieser Frage...

The rise in total upfront cash requirement has become the main obstacle to homeownership in Germany. Between 2015 and 2024, the average household needed a median of 9.37 years to save the necessary funds for a home purchase. • A substantial share of this burden comes not from the price itself,...

Der gestiegene Eigenkapitalbedarf stellt die zentrale Hürde beim Immobilienerwerb in Deutschland dar. Im Median musste ein durchschnittlicher Haushalt, zwischen 2015 und 2024, 9,37 Jahre sparen, um das erforderliche Eigenkapital aufzubringen. • Einen wesentlichen Anteil macht hierbei nicht...

Wie haben sich die Wohneigentumsquoten in Deutschland zwischen den Zensusjahren 2011 und 2022 entwickelt? Auf der Grundlage von Daten der Gebäude- und Wohnungszählungen sowie von ergänzenden personenbezogenen Informationen aus der Haushaltebefragung des Zensus geht der Beitrag dieser Frage...

We calibrate a lifecycle portfolio-choice model of homeowners facing uninsurable income risk to show that tax deductions for mortgage interest payments and voluntary pension contributions have sizable effects on household portfolios and macroprudential risks. The deductions reduce the after-tax...

Population aging and the sustainability of retirement financing are critical challenges facing many developed economies. In South Korea, elderly poverty remains a critical issue, despite widespread homeownership among older adults. Although the home pension program allows retirees to unlock...

We calibrate a lifecycle portfolio-choice model of homeowners facing uninsurable income risk to show that tax deductions for mortgage interest payments and voluntary pension contributions have sizable effects on household portfolios and macroprudential risks. The deductions reduce the after-tax...

This paper examines the growing impacts of climate change in the US homeowner's insurance industry. As climate change-driven weather extremes and natural disasters have accelerated in their frequency and severity, they have inflicted increasingly more residential property damage and destruction,...

We show that high-income buyers earn higher capital gains on housing using detailed transaction data from Denmark. Geographic location statistically accounts for nearly all the difference, with little role for aggregate market timing, property type, or other buyer characteristics. This finding...

Homeownership rates and holdings of housing wealth differ immensely across countries. We specify and estimate a life cycle model with risky labor income and house prices in which households face a discrete-continuous choice between renting and owning a house, whose sale is subject to transaction...

This paper examines how homeownership status shapes attention to inflation and its impact on durable consumption. Using randomized controlled trials on U.S. households (2021-2023), we document systematic heterogeneity in responses to inflation-related information. Homeowners exhibit greater...

In this paper, we study the role of wealth transfers in shaping homeownership in Malta. Leveraging data from four waves of the Maltese Household Finance and Consumption Survey, we perform a logistic regression to investigate how financial inflows in the form of gifts or inheritances, affect (i)...

This paper introduces an innovative sell-type home reversion product aimed at monetizing Singapore's public flats, serving as a new alternative to the existing Singapore Lease Buyback Scheme (LBS). This new product not only retains the LBS's guaranteed period of residence in the property along...

This study examines the geographical spillover of the state-level average homeowners insurance cost for 48 US contiguous states. We estimate a panel spatial Durbin model with state and year fixed effect for data between 2001 and 2018. We found a significant positive spillover of average...

Homeownership rates and holdings of housing wealth differ immensely across countries. Using micro data from five economies, we estimate a life-cycle model with illiquid housing in which households face a discrete-continuous choice between renting and owning a house. We use the model to decompose...

Homeownership rates and holdings of housing wealth differ immensely across countries. We specify and estimate a life cycle model with risky labor income and house prices in which households face a discrete–continuous choice between renting and owning a house, whose sale is subject to...

"Right to Buy" (RTB) was a large-scale UK housing policy whereby incumbent tenants in public housing could buy their properties at heavily subsidised prices. The policy increased the national homeownership rate by over 10 percentage points between 1980 and the late 1990s. A key feature of RTB is...

Macroprudential policies are a key policy tool for financial regulators, but concerns persist that these policies restrict access to homeownership. I examine this concern using crosscountry data on homeownership for 28 countries. I find little evidence that macroprudential policies reduce...

Our study investigates public opinion on the housing affordability crisis in Portugal through a nationally representative survey combined with an information provision experiment. Participants were asked to identify perceived causes of rising housing prices, assess their factual knowledge of the...

Technical assistance (TA) was provided to the National Statistics Office of Georgia (Geostat) during December 2-6, 2024 to extend the scope and coverage of the residential property price index (RPPI) using web-scraped data. This was the latest mission to Georgia in a series since 2018 to...