Cross-Country Differences in Homeownership: A Cultural Phenomenon?
||Huber, Stefanie J.; Tobias Schmidt
||Cross-Country Differences in Homeownership: A Cultural Phenomenon?
||23rd Annual European Real Estate Society Conference in Regensburg, Germany
||Cross-country differences in homeownership rates are large and very persistent over time, ranging between 35% in Switzerland to 80% in Spain. In this project we test the hypothesis that these cross-country differences are driven by cultural tastes. To isolate the effect of culture from the effects of institutions and economic factors, we investigate the homeownership attitudes of second generation immigrants in the United States. We find robust evidence that cross-country differences in cultural preferences are an important explanatory factor for the observed persistent differ- ences in homeownership rates across countries.Keywords: housing markets, homeownership rates, country heterogeneity, preferences, cultural transmission, migrationJEL Classifications: E00, R21, R23, J15, O18, Z10.
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||Residential Real Estate
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