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• W2047924950 abstract "Analysts of the homeownership decision have traditionally asserted that “owning makes much greater sense than renting” ([16], p. 359) for families in high tax brackets. However, empirical studies of homeownership propensities indicate that not all high-income families own nor do all low-income families rent. For example, Li ([8], p. 1081) notes that “a large number of studies” find that a variety of variables, such as “family size, age of the head, and race are generally found to be.. . determinants of homeownership” even when income or the marginal tax bracket are held constant. Previous attempts to explain why the marginal tax bracket is not a sufficient statistic for homeownership argue that people differ in their preferences for homeownership either because owning and renting are not perfect substitutes in consumption (see, for example [13, 141) or because of differences “in liquidity, mobility, ability at home repairs and home management, and simply peculiar circumstances” ([4], p. 14). This paper develops a general model of the homeownership decision and explores two alternative explanations of why the marginal tax bracket is not a sufficient statistic. This is accomplished by incorporating both transaction costs and housing market quality sorting into the model. Section II derives a simple parametric statement of the homeownership decision. The third section examines the special case which yields a homeownership decision rule which is comparable to existing models. An alternative special case is presented in the fourth section which incorporates consumer sorting across quality markets. It is demonstrated that the housing market may adjust until" @default.
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• W2047924950 date "1985-03-01" @default.
• W2047924950 modified "2023-10-14" @default.
• W2047924950 title "An economic analysis of the homeownership decision" @default.
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• W2047924950 doi "https://doi.org/10.1016/0094-1190(85)90048-8" @default.
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