Journal of Housing Economics最新文献_第6页

The heterogeneous relationship of owner-occupied and investment property with household portfolio choice 自住和投资性房地产与家庭投资组合选择的异质关系

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2023-09-09 DOI: 10.1016/j.jhe.2023.101964

Marco Felici, Franz Fuerst

{"title":"The heterogeneous relationship of owner-occupied and investment property with household portfolio choice","authors":"Marco Felici, Franz Fuerst","doi":"10.1016/j.jhe.2023.101964","DOIUrl":"https://doi.org/10.1016/j.jhe.2023.101964","url":null,"abstract":"<div><p>The dual nature of property as both a consumption and investment good presents a challenge for household portfolios. Prior theoretical literature predicts a constraint imposed by property on investment decisions, and empirical studies support this notion. However, previous research often overlooks investigating the heterogeneity of this constraint and fails to differentiate between owner-occupied and investment property. Building on a stochastic control model, we analyse the UK’s Wealth and Assets Survey panel and find that along the distribution of how household allocate their wealth a one percentage point (pp) increase in the share of owner-occupied property in the total portfolio is associated with a 0.07 pp decrease in the share of stocks in liquid assets. However, this association varies significantly based on the value of the owner-occupied property share. For low values of the owner-occupied property share, the association with stockholdings is negligible. As the share of owner-occupied property increases, the negative association with stockholdings becomes more pronounced: when the owner-occupied property share reaches 90%, a further 1 pp increase corresponds to a 0.14 pp decrease in the share of stocks in liquid assets. By contrast, buy-to-let property shows no significant relationship with stockholdings, supporting the idea that the constraint on portfolio decisions is primarily driven by the role of property as a consumption good.</p></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"62 ","pages":"Article 101964"},"PeriodicalIF":2.4,"publicationDate":"2023-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50203880","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Measures of vertical inequality in assessments 衡量评估中的纵向不平等

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2023-09-01 DOI: 10.1016/j.jhe.2023.101950

Daniel McMillen , Ruchi Singh

{"title":"Measures of vertical inequality in assessments","authors":"Daniel McMillen , Ruchi Singh","doi":"10.1016/j.jhe.2023.101950","DOIUrl":"10.1016/j.jhe.2023.101950","url":null,"abstract":"<div><p><span>Standard measures of vertical inequality suggest that assessments are regressive in the sense that high-priced properties are often assessed at lower rates than low-priced properties. We show that some of this regressivity is due to the regression-based estimation procedures used by many jurisdictions to calculate assessments. A review of existing measures of assessment regressivity suggests that severe biases associated with regression-based procedures make them much less useful than the traditional price-related differential (PRD) as a measure of vertical inequality. To supplement existing measures of vertical inequality, we propose approaches using </span>Gini coefficients, Suits index, and kernel density tests to provide information on the relationship between the assessment and sale price distributions. We compute the measures using data on sales prices and assessments for 48 large central city counties. The results suggest that the PRD remains a useful approach for measuring vertical inequality due to its simplicity and familiarity, while distribution-based procedures are helpful because they are not as sensitive to small numbers of very high-priced sales. Together, the approaches provide a more complete picture of how assessment rates vary across the full distribution of sales prices.</p></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"61 ","pages":"Article 101950"},"PeriodicalIF":2.4,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46877712","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

The Airbnb rent premium and the crowding-out of long-term rentals Airbnb的租金溢价和长期租赁的挤出

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2023-09-01 DOI: 10.1016/j.jhe.2023.101935

Robert J. Hill, Norbert Pfeifer, Miriam Steurer

{"title":"The Airbnb rent premium and the crowding-out of long-term rentals","authors":"Robert J. Hill, Norbert Pfeifer, Miriam Steurer","doi":"10.1016/j.jhe.2023.101935","DOIUrl":"10.1016/j.jhe.2023.101935","url":null,"abstract":"<div><p>Concerns about crowding out of long-term rentals have led many cities to impose limits on the days that properties can be let via Airbnb or similar platforms in a given year. However, so far, there has been little research into the effect of such measures. Using micro-level data on long-term rental and Airbnb contracts for Sydney, Australia, we first estimate how much more landlords can earn on Airbnb compared to the long-term rental market. We use three different methods to control for differences in the quality of Airbnb and long-term rentals (hedonic regression, switching model, and matching approach) and find that, on average the weekly Airbnb rent is nearly double that in the long-term market. This Airbnb rent premium reflects the higher costs borne by Airbnb landlords. Consistent with a spatial equilibrium, landlords require a higher Airbnb rent premium in postcodes with a higher average time since the last review (a proxy for the Airbnb vacancy rate). Similarly, we find that Airbnb rent premia and time-since-last-review are lower in cheaper postcodes. It is therefore important to recognize that the impact of day restrictions is likely to be felt more in the cheaper rather than more touristic areas of a city.</p></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"61 ","pages":"Article 101935"},"PeriodicalIF":2.4,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44467425","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Revisiting metropolitan house price-income relationships 重新审视大都市房价收入关系

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2023-09-01 DOI: 10.1016/j.jhe.2023.101946

Elias Oikarinen , Steven C. Bourassa , Martin Hoesli , Janne Engblom

引用次数: 0

Potential Benefits in Remapping the Special Flood Hazard Area: Evidence from the U.S. Housing Market 重新绘制特殊洪水危险区的潜在好处:来自美国住房市场的证据

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2023-09-01 DOI: 10.1016/j.jhe.2023.101956

Adam B Pollack , Douglas H Wrenn , Christoph Nolte , Ian Sue Wing

{"title":"Potential Benefits in Remapping the Special Flood Hazard Area: Evidence from the U.S. Housing Market","authors":"Adam B Pollack , Douglas H Wrenn , Christoph Nolte , Ian Sue Wing","doi":"10.1016/j.jhe.2023.101956","DOIUrl":"10.1016/j.jhe.2023.101956","url":null,"abstract":"<div><p>A typical U.S. homebuyer's understanding of whether a property faces flood risk is based on whether the property is located inside the National Flood Insurance Program's (NFIP) Special Flood Hazard Area (SFHA). The SFHA boundary, however, may bias homebuyers’ perceptions of flood risk relative to unobserved true risk because the SFHA is an incomplete, and sometimes inaccurate, representation of flood hazards. Using a national dataset of property transactions, flood hazard data from the First Street Foundation, state-level measures of flood disclosure laws, and a spatially restricted triple-difference design, we distinguish capitalization effects of policy-driven (SFHA) versus quasi-objective (First Street) indicators of flood hazard. We identify these effects by assessing thousands of local spatial interactions between property SFHA designations, measures of quasi-objective flood hazard, and being in a state that mandates flood history disclosures. Being inside the SFHA generates a risk discount, but the signal is muted relative to underlying hazard exposure. Further, the SFHA signal can result in inefficient discounts for properties erroneously mapped in the SFHA. Disclosure requirements about flood history accentuate price effects for hazardous properties and result in more adequate risk internalization. In the absence of disclosures, however, we find either no or a weak risk signal for houses outside the SFHA that face flood hazard. Our results highlight potential benefits of updating SFHA boundaries to include all houses that may experience flooding, and argue in favor of requiring flood-related disclosures from sellers to improve the market's ability to internalize flood risk.</p></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"61 ","pages":"Article 101956"},"PeriodicalIF":2.4,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48103157","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2

Unequal treatment in the rental housing markets of four Chinese megacities 中国四大特大城市住房租赁市场的不平等待遇

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2023-09-01 DOI: 10.1016/j.jhe.2023.101945

Ziming Liu , Jens Rommel

引用次数: 0

When do property taxes matter? Tax salience and heterogeneous policy effects 财产税什么时候重要？税收显著性与异质性政策效应

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2023-09-01 DOI: 10.1016/j.jhe.2023.101951

Marina Gindelsky , Jeremy Moulton , Kelly Wentland , Scott Wentland

{"title":"When do property taxes matter? Tax salience and heterogeneous policy effects","authors":"Marina Gindelsky , Jeremy Moulton , Kelly Wentland , Scott Wentland","doi":"10.1016/j.jhe.2023.101951","DOIUrl":"https://doi.org/10.1016/j.jhe.2023.101951","url":null,"abstract":"<div><p>Taxes create incentives; yet, the potency of these incentives may depend on the salience and household perception of the tax itself. We investigate this issue in the context of property taxes, exploring how accurately households perceive their property tax liabilities and what factors determine misperception. Leveraging a unique national dataset, created by linking Zillow's ZTRAX data to internal data from the American Community Survey, we first compare survey responses for how much households <em>think</em> they pay in property taxes to how much they <em>actually</em> pay based on municipal administrative records from ZTRAX. While homeowner tax perceptions are not substantially biased on average, we observe significant inaccuracy and systematic bias across different household(er) characteristics, institutional settings, and across states. Given that the vast majority of studies in the property tax capitalization literature use data concentrated in one state or locality, we also explore whether variation in tax misperceptions across states can help explain the heterogeneity in property tax effects on home prices. Results from a meta-analysis show that studies conducted in states with higher property tax misperceptions are significantly less likely to find property tax policy changes are fully capitalized into home prices.</p></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"61 ","pages":"Article 101951"},"PeriodicalIF":2.4,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50193898","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Can landlords siphon housing allowances? New theory and evidence on housing allowance algorithms from a natural experiment 房东能抽走住房补贴吗？住房补贴算法的新理论和自然实验证据

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2023-09-01 DOI: 10.1016/j.jhe.2023.101948

Wasay Majid

{"title":"Can landlords siphon housing allowances? New theory and evidence on housing allowance algorithms from a natural experiment","authors":"Wasay Majid","doi":"10.1016/j.jhe.2023.101948","DOIUrl":"https://doi.org/10.1016/j.jhe.2023.101948","url":null,"abstract":"<div><p>This paper provides new evidence on the incidence and theoretical predictions of housing allowances. It offers a comprehensive reexamination of allowance algorithms, to shed light on their objectives and impacts, while also addressing empirical modelling considerations and identifying limitations in literature. Notably, it offers readers a comparative analysis by investigating US vouchers as a reference point. Theoretically, I find housing allowances are typically neither a price nor income equivalent. Housing allowance schemes,mostly being universal in functional form across countries, manifest as <em>personal subsidies</em><span> inverse to resources i.e., some benefit amount minus income deduction. I discover that New Zealand's Accommodation Supplement (AS) manifests as a negative income and wealth<span><span> tax benefit which, over time, is regressive to rents and incomes. Empirically, I estimate the effects of an increase in costs and demand for the AS on rents exploiting a panel of housing markets geocoded using census tracts at Area Unit (AU) level. The rent model extends, using Geographically Weighted Panel Regression (GWR) to control for any time-variant neighborhood </span>spillover effects on rents. Costing NZ$ 5.225 billion over 2006–2013, AS for renters was not demand deterministic and had no significant direct impact on the revenues of low-income landlords. An increase in subsidy demand coincides with possible overcrowding whereas has no impact on increasing rental supply or a move into renting.</span></span></p></div>","PeriodicalId":51490,"journal":{"name":"Journal of Housing Economics","volume":"61 ","pages":"Article 101948"},"PeriodicalIF":2.4,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50193953","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Credit supply, homeownership and mortgage debt 信贷供应、住房所有权和抵押贷款债务

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2023-09-01 DOI: 10.1016/j.jhe.2023.101947

Ahmet Ali Taşkın , Fırat Yaman

引用次数: 0

Does homeownership hinder labor market activity? Evidence from housing privatization and restitution 拥有住房会阻碍劳动力市场活动吗？住房私有化和归还的证据

IF 2.4 3区经济学

Journal of Housing Economics Pub Date : 2023-09-01 DOI: 10.1016/j.jhe.2023.101949

Štěpán Mikula , Josef Montag

引用次数: 0