This paper develops and estimates a dynamic model of discrete choice for labor supply, fertility and transition from … tenant to homeowner, to investigate the secular decline in homeownership over the past several decades, wholly attributable … level wages led to lower fertility also contributing to the decline, because households with children are more likely to own …

greater chance of getting a mortgage to buy a home. As a result, the positive correlation between the homeownership and …

higher LTV ratio substantially increases an elderly homeowner’s likelihood of exiting homeownership. In particular, elderly … homeowners with an LTV ratio greater than 80% are more than four times likely to exit homeownership than their debt … less likely to depart from homeownership if they recently extracted equity from their homes. In addition, we find both …

Young households in Hong Kong face particularly steep increases in house prices and low fertility despite low gender … wage gaps. The model of fertility and housing in this paper explains why fertility decline need not reverse as female wages … house prices then fertility also rises. For endogenous house prices, however, growth in wages and a burgeoning working age …