OBJECTIVE HOUSING SALES AND RENT PRICES IN REPRESENTATIVE HOUSEHOLD SURVEYS: IMPLICATIONS FOR WEALTH, INEQUALITY, HOUSING MARKET, AND AFFORDABILITY STATISTICS

IF 1.9 3区经济学 Q2 ECONOMICS

Review of Income and Wealth Pub Date : 2024-05-17 DOI:10.1111/roiw.12692

M. D. Naidin, S. Waltl, Michael H. Ziegelmeyer

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Abstract

Many economic analyses require hypothetical but realistic sales and rent prices for properties representative of the housing stock and reflecting current market conditions. To achieve this, we replace subjectively reported prices in a representative household survey in Luxembourg with objectified hedonic imputations informed by observable market data. Thus, we propose a powerful tool for assessing the health and affordability of housing markets, compiling housing‐related statistics and simulating hypothetical scenarios. This approach also enables us to test for the reliability of survey responses. When switching to objectified values, we detect shifts in the wealth distribution, large regional variation in market indicators, and striking affordability concerns: only 18 percent of Luxembourg's renters could theoretically afford to purchase their inhabited dwellings given current market conditions. Further, participants' tendency to mis‐estimate market values strongly correlates with tenure length and type, dwelling type, income, and wealth.

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代表性住户调查中客观的住房销售和租金价格：对财富、不平等、住房市场和可负担性统计的影响

许多经济分析都需要代表住房存量并反映当前市场状况的房产的假设但现实的销售和租金价格。为此，我们以可观察的市场数据为依据，用客观化的对冲估算取代了卢森堡代表性住户调查中主观报告的价格。因此，我们提出了一个强大的工具，用于评估住房市场的健康状况和可负担性，汇编住房相关统计数据并模拟假设情景。这种方法还使我们能够检验调查反馈的可靠性。当切换到客观值时，我们发现了财富分布的变化、市场指标的巨大地区差异以及惊人的可负担性问题：在当前市场条件下，只有18%的卢森堡租房者理论上有能力购买其居住的住宅。此外，参与者错误估计市场价值的倾向与租期长短和类型、住宅类型、收入和财富密切相关。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Income and Wealth ECONOMICS-

CiteScore

4.00

自引率

10.00%

发文量

期刊介绍： The major objective of the Review of Income and Wealth is to advance knowledge on the definition, measurement and interpretation of national income, wealth and distribution. Among the issues covered are: - national and social accounting - microdata analyses of issues related to income and wealth and its distribution - the integration of micro and macro systems of economic, financial, and social statistics - international and intertemporal comparisons of income, wealth, inequality, poverty, well-being, and productivity - related problems of measurement and methodology