This paper utilizes microdata to directly quantify the impact of mortgage underwriting criteria on individual homeownership propensities. To determine whether a family is constrained by these criteria, the optimal home purchase price is estimated. The results indicate that wealth and income...

Sociological and economic forces have begun to alter ownership patterns in ways not yet captured by movements in the aggregate ownership rate. While demographic factors such as marital status, and family structure remain influential in determining tenure choice, their impact has waned,...

Institutional investors typically allocate under 5 per cent of their portfolios to income-producing real estate, yet the results of most academic studies imply that far larger allocations are optimal. One widespread argument is that the conflict between observed behaviour and scholarly...