Local housing-market effects on tenure choice

  • Lee S
  • Myers D
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Abstract

The main objective of thepresent study is to find out which marketfactors affect homeownership attainment aftercontrolling for individual human capital. The1980 and 1990 individual Census data (PUMS) inthe U.S. are used to investigate the contextualinfluences on choosing two types of housing:single- and multi-family housing. Trichotomoustenure choice models are applied to fourrepresentative age groups. The study takesadvantage of the multi-level design, allowingrelationships between individual and housingmarket characteristics to vary from place toplace. One finding is that market variations aswell as individual characteristics affecttenure choices. The authors argue that researchon homeownership attainment should not onlyconsider individual or household attributes butshould be sensitive to spatiality thatrecognizes market effects. The conclusion isthat housing research needs to be comprehensiveenough to understand the complex interactionbetween the individual's human capital and themetropolitan housing-market characteristics.

Author-supplied keywords

  • Homeownership
  • Market effects
  • Multi-family housing
  • Multi-level model
  • Single-family housing

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Authors

  • Seong Woo Lee

  • Dowell Myers

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