Showing 1 - 10 of 361
This paper develops a dynamic model of neighborhood choice along with a computationally light multi-step estimator. The proposed empirical framework captures observed and unobserved preference heterogeneity across households and locations in a flexible way. The model is estimated using a newly...
Persistent link: https://www.econbiz.de/10013122024
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...
Persistent link: https://www.econbiz.de/10013135884
-in, and property tax lock-in - on household mobility. We add the 2009 wave of the American Housing Survey (AHS) to our sample … household mobility by 30 percent, and $1,000 of additional mortgage or property tax costs reduces household mobility by 10 …%-16%. Schulhofer-Wohl's finding of a slight positive correlation between mobility and negative equity appears due to a large fraction …
Persistent link: https://www.econbiz.de/10013120305
This paper presents new empirical evidence that internal movement - selling one home and buying another - by existing homeowners within a metropolitan housing market is especially volatile and the main driver of fluctuations in transaction volume over the housing market cycle. We develop a...
Persistent link: https://www.econbiz.de/10013083083
We have described the relationship between family attributes and moving, and between moving and change in housing wealth. Moving is often associated with retirement and with precipitating shocks like the death of a spouse or by other changes in marital status. Median housing wealth increases as...
Persistent link: https://www.econbiz.de/10012788697
Simonsohn and Loewenstein (SL 2006) present evidence that a household moving from one US city to another tends to pay a rent level that is closer to the city of origin, relative to comparable locals. Building on “Memory, Attention, and Choice” (BGS 2019), we show that these effects emerge...
Persistent link: https://www.econbiz.de/10012890485
We estimate the effect of current location on elderly mortality by analyzing outcomes of movers in the Medicare population. We control for movers' origin locations as well as a rich vector of pre-move health measures. We also develop a novel strategy to adjust for remaining unobservables, based...
Persistent link: https://www.econbiz.de/10012867904
Using administrative income tax data, we analyze the response to Proposition 30, a 2012 ballot measure that increased California marginal tax rates by up to 3 percentage points for high-income households. Relative to baseline rates of departure for their income levels, an additional 0.8% of the...
Persistent link: https://www.econbiz.de/10012861712
This paper investigates the effects of spatial housing price risk on housing choices over the first half of the life-cycle. Housing price risk can be substantial but, unlike other risky assets which people can avoid, most people want to eventually own their home thereby creating an insurance...
Persistent link: https://www.econbiz.de/10013021034
We exploit a volcanic “experiment" to study the costs and benefits of geographic mobility. We show that moving costs …
Persistent link: https://www.econbiz.de/10012987134