Regional and State Variation in Homeownership Rates; or If California's Home Prices Were as Low as Pennsylvania's Would its Ownership Rate be as High?

Regional and State Variation in Homeownership Rates; or If California's Home Prices Were as Low... There are significant disparities in homeownership rates across the regions and states of the United States. The causes of these disparities are determined within a standard probit model of the individual homeownership decision where the micro-level observations are aggregated to the regional level. Factors which play a significant role at the individual level are evaluated for their ability to explain regional differentiation. The relative price of owning and renting plays a major role as do other market level determinants. Individual demographic characteristics are not as important with the exception of those related to the immigration and citizenship status of the household head. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Journal of Real Estate Finance and Economics Springer Journals

Regional and State Variation in Homeownership Rates; or If California's Home Prices Were as Low as Pennsylvania's Would its Ownership Rate be as High?

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Publisher
Kluwer Academic Publishers
Copyright
Copyright © 2002 by Kluwer Academic Publishers
Subject
Economics; Regional/Spatial Science; Financial Services
ISSN
0895-5638
eISSN
1573-045X
D.O.I.
10.1023/A:1015217414878
Publisher site
See Article on Publisher Site

Abstract

There are significant disparities in homeownership rates across the regions and states of the United States. The causes of these disparities are determined within a standard probit model of the individual homeownership decision where the micro-level observations are aggregated to the regional level. Factors which play a significant role at the individual level are evaluated for their ability to explain regional differentiation. The relative price of owning and renting plays a major role as do other market level determinants. Individual demographic characteristics are not as important with the exception of those related to the immigration and citizenship status of the household head.

Journal

The Journal of Real Estate Finance and EconomicsSpringer Journals

Published: Oct 18, 2004

References

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