We show that the hedging benefit of owning a home reduces the variability of housing consumption after a move. When a … current home owner's house price covaries positively with housing costs in a future city, changes in the future cost of … housing are offset by commensurate changes in wealth before the move. Using Census micro-data, we find that the cross …

-occupied homes, and the absence of taxation on imputed rent from owner-occupied homes all influence the effective cost of housing …-level data from the 2004 Survey of Consumer Finances to analyze how several potential reforms would affect incentives for housing … behavioral responses when calculating the revenue costs of income tax provisions relating to owner-occupied housing. …

This paper documents the trends in the life-cycle profiles of net worth and housing equity between 1983 and 2004. The … net worth of older households significantly increased during the housing boom of recent years. However, net worth grew by … more than housing equity, in part because other assets also appreciated at the same time. Moreover, the younger elderly …

risk as their unemployment shocks are more highly correlated. Such couples spend more on owner-occupied housing than other …

Many people assume that the most significant risk in the housing market is that homeowners are exposed to fluctuations … households so housing market risk actually increases homeownership rates and house prices. Further, the net effect of rent risk … their budgets to housing, and thus face a bigger gamble. Similarly, the elderly who live in high rent variance places are …

price, especially if one moves to another housing market. However, households who sell a house typically buy another house … housing market risk, because their sale price covaries positively with house prices in their likely new market. That expected … house prices covary and households tend to move between the highly correlated housing markets. Taking these two …

A reduction in inflation can fuel run-ups in housing prices if people suffer from money illusion. For example …

but independently of prices or any market information. In analysing the effects this allocative mechanism has on housing … British case, our planning system does not operate on the supply of housing directly, but indirectly via the constraint …

A necessary condition for justifying a policy such as publicly provided or subsidized low-income housing is that it has … housing -- does it increase the housing stock? If subsidized housing raises the quantity of occupied housing per capita …, either more people are finding housing or they are being housed less densely. On the other hand, if public or subsidized …

We construct measures of the annual cost of single-family housing for 46 metropolitan areas in the United States over … the last 25 years and compare them with local rents and incomes as a way of judging the level of housing prices …