Estimating Equilibrium Housing Demand for "Stayers"
نویسندگان
چکیده
This study models demand by owner-occupied housing ‘‘stayers.’’ Most consumers do not move routinely in response to small changes in income or housing price, so the ‘‘own rent’’ and ‘‘move stay’’ decisions are modeled as multiperiod optimization in the presence of transaction costs. The empirical section uses the ‘‘American Housing Survey’’ to provide a panel of household stayers for a metropolitan area. Results indicate that income and value-rent measures in different years have separable and significant impacts on housing demand. Estimated conditional income elasticities are between 0.40 and 0.45. 2001 Elsevier Science
منابع مشابه
Following a panel of stayers: Length of stay, tenure choice, and housing demand
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