HETEROGENEITY, FRICTIONAL ASSIGNMENT, AND HOME‐OWNERSHIP

Author:

Head Allen1,Lloyd‐Ellis Huw1,Stacey Derek2

Affiliation:

1. Queen's University Canada

2. University of Waterloo Canada

Abstract

AbstractWe study the composition of the housing stock across ownership and rental markets in a dynamic model of frictional assignment. Houses are rented or sold to heterogeneous households that sort over quality. Due to matching frictions and an increasing ownership surplus, wealthy households tend to own and lower value housing tends to be rented, even without financial frictions or rental supply constraints. When calibrated to match key housing market features of the average U.S. city, the model is consistent with observed empirical relationships across cities. We study the model's implications for affordability, ownership, and the impact of progressive property taxation.

Publisher

Wiley

Subject

Economics and Econometrics

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