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. …

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 …

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 …

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

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 …

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 …

This paper describes six stylized patterns among housing markets in the United States that potential explanations of … the housing boom and bust should seek to explain. First, individual housing markets in the U.S. experienced considerable … housing markets. Fourth, the largest booms and busts, and their timing, seem to be clustered geographically. Fifth, the cross …