This study reviews the literature on the determinants of a country's homeownership rate including factors such as demographic characteristics, household level economic variables, and government housing policies. We present a comprehensive model of a household's tenure choice, one that allows for...

This study reviews the literature on the determinants of a country's homeownership rate including factors such as demographic characteristics, household level economic variables, and government housing policies. We present a comprehensive model of a household's tenure choice, one that allows for...

Households can borrow against equity through different channels, including home equity lines of credit (HELOCs), second liens, cash-out refinancing, and for senior homeowners, reverse mortgages. We use data from the New York Federal Reserve/Equifax Consumer Credit Panel, the U.S. Department of...