The Housing Stock, Housing Prices, and User Costs: the Roles of Location, Structure, and Unobserved Quality
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- handle: 10670/1.t2o59f
- hal: hal-03799462
- doi: 10.1111/iere.12475
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info:eu-repo/semantics/altIdentifier/doi/10.1111/iere.12475
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Urban housing Homes Slum clearance Housing needs Housing--Social aspects Houses Affordable housing ResidencesCiter ce document
Jonathan Halket et al., « The Housing Stock, Housing Prices, and User Costs: the Roles of Location, Structure, and Unobserved Quality », Archive ouverte de Sciences Po (SPIRE), ID : 10.1111/iere.12475
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Résumé
Which housing characteristics are important for understanding homeownership rates? How are housing characteristics priced in rental and owner-occupied markets? What can answers to these questions tell us about economic theories of homeownership? Using the English Housing Survey, we estimate a selection model of property allocations to the owner-occupied and rental sectors. Structural characteristics and unobserved quality are important for selection. Location is not. Accounting for selection is important for rent-to-price ratio estimates and explains some puzzling correlations between rent-to-price ratios and homeownership rates. These patterns are consistent with, among others, hypotheses of rental market contracting frictions related to housing maintenance.