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作者

来源

JOURNAL OF URBAN ECONOMICS,Vol.99,P.120-135

语言

英文

关键字

Self-employment; Homeownership; Housing capital gains; Mortgage; QUALITY-OF-LIFE; LIQUIDITY CONSTRAINTS; HOME EQUITY; CHILD-CARE; ENTREPRENEURSHIP; PRICES; MODEL; MARKET; DYNAMICS; EARNINGS

作者单位

[Harding, John P.] Univ Connecticut, Ctr Real Estate & Urban Econ Studies, Sch Business, Storrs, CT 06269 USA. [Rosenthal, Stuart S.] Syracuse Univ, Dept Econ, Econ, Syracuse, NY 13244 USA. [Rosenthal, Stuart S.] Syracuse Univ, Ctr Policy Res, Syracuse, NY 13244 USA. Rosenthal, SS (reprint author), Syracuse Univ, Dept Econ, Econ, Syracuse, NY 13244 USA.; Rosenthal, SS (reprint author), Syracuse Univ, Ctr Policy Res, Syracuse, NY 13244 USA. E-Mail: John.Harding@business.uconn.edu; ssrosent@maxwell.syr.edu

摘要

This paper measures the impact of individual-level housing capital gains on transitions into and out of self-employment. Drawing on special features of the 1985-2013 American Housing Survey (AHS) panel, our most robust models control for recent expenditures on home maintenance, MSA-by-year fixed effects, lagged proxies for wealth and other household attributes. Net of home maintenance, a 20% real increase in home value over a two-year period raises the likelihood of entry into self-employment by roughly 1.5 percentage points; housing capital losses have little effect on exits. Controlling for house fixed effects, self-employed homeowners are also more likely to hold a HELOC, facilitating easy, low-cost access to home equity that could be used to cover business expenses. These and other estimates suggest that links between homeownership and self-employment are strong enough to be important when home prices are rising rapidly, but modest when housing capital gains are limited or negative. (C) 2017 Elsevier Inc. All rights reserved.