This article uses a sample of young renters from the Panel Study of Income Dynamics and a continuous-time econometric model to explore not only the initial tenure transition to first-time homeownership, but also subsequent possible tenure transitions to a second owned home, back to rental tenure...

We develop and apply a valuation model that quantifies the interest rate risk inherent in fixed-rate reverse mortgages. Consistent with intuition, our results show that the interest rate risk of a reverse mortgage is greater than that of either a typical coupon bond or a regular mortgage....

Inflation affects homeownership and housing adversely through the "real-payment tilt" of the conventional mortgage. Expectations of additional housing price appreciation, however, may induce households to invest in housing. This paper uses household data to estimate the demand for homeownership...

This study represents an extension of the literature that examines the factors affecting a household's decision to make an intrametropoli-tan move by emphasizing the importance of neighborhood characteristics in addition to the traditional life-cycle variables on the decision to move. Because of...

This paper presents evidence on the factors influencing the housing improvement expenditures of urban homeowners. In comparison to prior work, a more completely specified model was estimated. In particular, variables measuring the price of inputs and neighborhood quality were included and found...