Housing affordability and parental income support

by Jason Allen, Kyra Carmichael, Robert Clark, Shaoteng Li and Nicolas Vincent

In many countries, the cost of housing has greatly outpaced income growth, leading to a housing affordability crisis. Leveraging Canadian loan-level data and quasi-experimental variation in payment-to-income constraints, we document an increasing reliance of first-time homebuyers on financial help from their parents, through mortgage co-signing. We show that parental support can effectively relax borrowing constraints-potentially to riskier borrowers.

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Year of publication:	[2024] ; Last updated: July 26, 2024
Authors:	Allen, Jason ; Carmichael, Kyra ; Clark, Robert ; Li, Shaoteng ; Vincent, Nicolas
Publisher:	[Ottawa] : Bank of Canada
Subject:	Housing \| Financial services \| Financial system regulation and policies \| Finanzdienstleistung \| Australien \| Australia \| Wohnungspolitik \| Housing policy \| Wohnungsmarkt \| Housing market \| Immobilienfinanzierung \| Real estate finance \| Immobilienpreis \| Real estate price \| Haushaltseinkommen \| Household income \| Großbritannien \| United Kingdom

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Extent:	1 Online-Ressource (circa 48 Seiten) Illustrationen
Series:	Staff working paper / Bank of Canada. - Ottawa : [Verlag nicht ermittelbar], ISSN 1701-9397, ZDB-ID 2278568-1. - Vol. 2024, 28
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	10.34989/swp-2024-28 [DOI] hdl:10419/303176 [Handle]
Classification:	g51 ; D64 - Altruism ; E21 - Consumption; Saving ; G18 - Government Policy and Regulation ; E24 - Employment; Unemployment; Wages
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10015067139