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Effect Of Ownership Composition On Property Prices And Rents
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Book Synopsis Effect of Ownership Composition on Property Prices and Rents by : Jung Sakong
Download or read book Effect of Ownership Composition on Property Prices and Rents written by Jung Sakong and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: A capital influx into local housing markets would be expected to increase house prices, but the spillover effect onto rental prices is theoretically ambiguous. I estimate both price impacts in U.S. residential housing markets using data from a boom in real estate purchases by buyers from China, which amounted to $200 billion of purchases made between 2010 and 2019. Using a novel method to measure these purchases and an instrumental variable for where purchases are made, I find a large positive house price impact. Consistent with investment q-theory, rents fall as constructions rise, especially in areas with elastic housing supply.
Book Synopsis Prices, Rents, and Homeownership by : Philippe Bracke
Download or read book Prices, Rents, and Homeownership written by Philippe Bracke and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis includes three self-contained chapters whose common theme is the analysis of house price and rent movements, and how these movements influence the economic actions of individuals. In Chapter 1, I analyse a micro dataset on housing sales and rentals in Central London. I show that the ratio between prices and rents differ across property types: bigger and better located properties have higher price-rent ratios. These differences in price-rent ratios can be explained through a hedging model where households avoid rent risk by increasing their demand for homeownership. Consistently with this hypothesis, I find that rental prices for bigger properties and properties in more expensive neighbourhoods are not growing significantly faster than for other properties, but are more volatile. In Chapter 2, together with my two co-authors Christian Hilber and Olmo Silva, I study the relationship between homeownership and entrepreneurship by exploiting the longitudinal dimension of the British Household Panel Survey (BHPS) and constructing a detailed monthly-spell dataset that tracks individuals' job histories and tenure choices, coupled with other time-varying characteristics. Our fixed-effect estimates show that purchasing a house reduces the likelihood of starting a business by 20-25%. This result is driven by homeowners with mortgages and persists for several years after entering homeownership. The negative relationship can be rationalised by portfolio considerations: leveraged housing investments crowd out entrepreneurial investments. Alternative explanations based on credit constraints find little support in our data. In Chapter 3, I analyse the duration of house price upturns and downturns in the last 40 years for 19 OECD countries and provide two results. First, upturns display duration dependence: they are more likely to end as their duration increases. Second, downturns display lagged duration dependence: they are less likely to end if the previous upturn was particularly long. Both these facts are consistent with a boom-bust view of housing price dynamics, where booms represent departures from fundamentals that are increasingly difficult to sustain, and busts serve as readjustment periods.
Book Synopsis Housing Booms in Gateway Cities by : David Ley
Download or read book Housing Booms in Gateway Cities written by David Ley and published by John Wiley & Sons. This book was released on 2023 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Publisher :IOS Press ISBN 13 : Total Pages :4576 pages Book Rating :4./5 ( download)
Download or read book written by and published by IOS Press. This book was released on with total page 4576 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Rental Housing by : Ira Gary Peppercorn
Download or read book Rental Housing written by Ira Gary Peppercorn and published by World Bank Publications. This book was released on 2013-03-20 with total page 178 pages. Available in PDF, EPUB and Kindle. Book excerpt: The discussion of where people live and how people pay for their housing has undergone a significant shift. Until the mortgage crisis erupted in 2008, the housing policy of most nations focused on increasing home ownership. There had been very little discussion about rental housing, less about social housing, and virtually none about public housing. The mortgage crisis showed the challenges inherent in pushing for home ownership for all. With homes going into foreclosure and with credit tightening in many countries, the need for rental housing increased dramatically. However, most countries are only beginning to consider supporting rental housing as a shelter option. This book is an effort to bring rental housing to the forefront of the housing agenda and to provide general guidance to policy makers. The information it provides can assist key players in housing markets--government officials, private rental property owners, financiers, and nongovernmental organizations--in including rental housing as a critical housing option and in having an informed discussion on how best to stimulate this sector.
Book Synopsis Handbook on Residential Property Price Indices by : OECD
Download or read book Handbook on Residential Property Price Indices written by OECD and published by OECD Publishing. This book was released on 2013-04-22 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt: This Handbook provides, for the first time, comprehensive guidelines for the compilation of Residential Property Price Indexes and explains in depth the methods and best practices used to calculate an RPPI.
Author :United States. Dept. of Housing and Urban Development. Office of International Affairs Publisher : ISBN 13 : Total Pages :122 pages Book Rating :4.:/5 (31 download)
Book Synopsis Hud International Information Series by : United States. Dept. of Housing and Urban Development. Office of International Affairs
Download or read book Hud International Information Series written by United States. Dept. of Housing and Urban Development. Office of International Affairs and published by . This book was released on 1970 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Housing in the Seventies written by and published by . This book was released on 1976 with total page 836 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effects of Changes in Household Composition Upon the Segmentation of Rental Housing Markets by : Robert Kirk McClure
Download or read book The Effects of Changes in Household Composition Upon the Segmentation of Rental Housing Markets written by Robert Kirk McClure and published by . This book was released on 1985 with total page 542 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Households and Housing by : Frans Dieleman
Download or read book Households and Housing written by Frans Dieleman and published by Routledge. This book was released on 2017-07-12 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: Residential relocation is the household decision that generates housing consumption changes. It is not merely a decision about changing locations; it is also a decision about tenure—about whether to own or to rent. Research into housing markets has been largely focused on the process of changing from renting to owning, as most countries in the Western world have moved from predominantly rental societies to societies of homeowners. Households and Housing is designed to demonstrate the interconnections between the housing stock and households. The focus is on understanding the demand for housing and the way in which the demand is fulfilled as households select housing. This book is concerned with both the decision to move one's residence and the resulting type of housing choice. The housing supply—the stock of dwellings—is the context within which households make choices and acquire housing. The authors use the concepts of life course, housing career, and housing hierarchy to trace the movement of households through the housing market. They paint a comprehensive picture of housing consumption by age, income, and tenure choice, illustrated with nearly 150 figures and tables. US housing market data are contrasted with data from the Netherlands to document the differential effects of government intervention. This is the most up-to-date analysis available on the dynamics of housing choices and housing markets.
Download or read book Journal of Housing Research written by and published by . This book was released on 2006 with total page 1430 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Housing Policy Matters by : Shlomo Angel
Download or read book Housing Policy Matters written by Shlomo Angel and published by Oxford University Press, USA. This book was released on 2000 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is an extended essay on the myriad relationships between housing policy and housing market performance. The main thesis is that significant differences in important housing outcomes are attributable, at least in part, to differences in the housing policy regimes of cities and countries.
Book Synopsis The Private Rented Housing Market by : Professor David Hughes
Download or read book The Private Rented Housing Market written by Professor David Hughes and published by Ashgate Publishing, Ltd.. This book was released on 2012-12-28 with total page 284 pages. Available in PDF, EPUB and Kindle. Book excerpt: The privately rented housing market has largely catered for young, mobile people and students since it was deregulated in the UK. In this volume, key writers provide timely insights into this rapidly evolving market. This volume is based on new, original research which brings together specialists in housing policy and legal studies, with their common and increasingly interdependent knowledge base about the privately rented sector and its future direction. The collection opens with an overview of the historical context and recent changes to the sector, such as the rapid and continued expansion of the buy-to-let market, followed by a discussion of the factors shaping the contemporary market. The contributors show how the new regulatory environment is opening a series of issues with significant potential to affect (and potentially damage) the market. The volume will interest academics and students in social and public policy, law and housing studies, as well as law practices and housing authorities.
Book Synopsis Owner-occupied Housing as a Hedge Against Rent Risk by : Todd Sinai
Download or read book Owner-occupied Housing as a Hedge Against Rent Risk written by Todd Sinai and published by . This book was released on 2003 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: Many people assume that the most significant risk in the housing market is that homeowners are exposed to fluctuations in house values. However, homeownership also provides a hedge against fluctuations in future rent payments. This paper finds that, even though house price risk endogenously increases with rent risk, the latter empirically dominates for most households so housing market risk actually increases homeownership rates and house prices. Further, the net effect of rent risk on the demand for homeownership increases with a household's expected length of stay in its home, as the cumulative rent volatility rises and the discounted house price risk falls. Using CPS data, the difference in the probability of homeownership between households with long and short expected lengths of stay is 2.9 to 5.4 percentage points greater in high rent variance places than low rent variance places. The sensitivity to rent risk is greatest for households that devote a larger share of their budgets to housing, and thus face a bigger gamble. Similarly, the elderly who live in high rent variance places are more likely to own their own homes, and their probability of homeownership falls faster with age (as their horizon shortens). This aversion to rent risk might help explain why older households do not consume much of their housing wealth. Finally, we find that house prices capitalize not only expected future rents, but also the associated rent risk premia. At the MSA level, a one standard deviation increase in rent variance increases the house price-to-rent ratio by 2 to 4 percent.
Book Synopsis Housing in the seventies working papers 1 [and] 2 by : United States. Department of Housing and Urban Development
Download or read book Housing in the seventies working papers 1 [and] 2 written by United States. Department of Housing and Urban Development and published by . This book was released on 1976 with total page 834 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Long-run Relationship Between House Prices and Rents by : Joshua Hojvat Gallin
Download or read book The Long-run Relationship Between House Prices and Rents written by Joshua Hojvat Gallin and published by . This book was released on 2004 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: "I show that when house prices are high relative to rents (that is, when the rent-price ratio is low) changes in real rents tend to be larger than usual and changes in real prices tend to be smaller than usual. Standard error-correction models provide inconclusive results about the predictive power of the rent-price ratio at a quarterly frequency. I use a long-horizon regression approach to show that the rent-price ratio helps predict changes in real rents and real prices over three-year periods. This result withstands the inclusion of a measure of the user cost of capital. I show that a long-horizon regression approach can yield biased estimates of the degree of error correction if prices have a unit root but do not follow a random walk. I construct bootstrap distributions to conduct appropriate inference in the presence of this bias. The results lend empirical support to the view that the rent-price ratio is an indicator of valuation in the housing market"--Abstract.
Book Synopsis Home Ownership. Getting In, Getting From, Getting Out. Part II by : J. Doling
Download or read book Home Ownership. Getting In, Getting From, Getting Out. Part II written by J. Doling and published by IOS Press. This book was released on 2006-06-29 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: Home ownership sectors in most European countries have grown in size. Whatever assets European households have acquired in recent decades, real estate appears to form a significant element in wealth portfolios. Frequently, national governments have been active in promoting the shift in tenure balance. The general question pursued in this book is about the gains and losses accruing to individual households by virtue of their position as home owners. The focus, here, is on financial gains and losses. It also concerns the losses, in the form of repayment risk, related to difficulties that some households may experience in meeting housing loan repayment schedules. The immediate background to this volume is the Conference Housing in Europe: New Challenges and Innovations in Tomorrow's Cities, held in Reykjavik, Iceland. Hosted by the Urban Studies Institute of the University of Iceland and Centre for Housing and Property Research, Bifröst School of Business, it was held under the auspices of the European Network of Housing Researchers.
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