打印

作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.54,Issue1,P.58-96

语言

英文

关键字

Housing; Imputed rent; Consumption; Wealth effect; Expenditure; Dividend; LIFE-CYCLE; CONSUMPTION; INCOME; BUBBLES; PRICES; CONSTRAINTS; INVESTMENT; DECISIONS; INVESTORS; GROWTH

作者单位

[Guo, Sheng] Florida Int Univ, Dept Econ, Coll Arts & Sci, 11200 SW 8th St, Miami, FL 33199 USA. [Hardin, William G., III] Florida Int Univ, Tibor & Sheila Hollo Sch Real Estate, Coll Business Adm, 1101 Brickell Ave,1100S, Miami, FL 33131 USA. Hardin, WG (reprint author), Florida Int Univ, Tibor & Sheila Hollo Sch Real Estate, Coll Business Adm, 1101 Brickell Ave,1100S, Miami, FL 33131 USA. E-Mail: sheng.guo@fiu.edu; hardinw@fiu.edu

摘要

For a household, home ownership provides necessary shelter, potential investment returns associated with property appreciation and a hedge against increased housing related cash outlays. In addition to potential appreciation, individual households benefit over time from a housing dividend defined as the difference between the market rent for the individual household's housing unit and the household's actual house ownership costs. The purchase of a house can substantially fix a household's recurring housing related expenditures and generates a hedge (implied housing dividend) that increases with ownership tenure. This expenditure hedge (dividend) to home ownership is documented using pooled, cross-year samples from the Consumer Expenditure Survey (CEX). The housing dividend delivers a non-trivial effect on household non-housing expenditures after controlling for housing value, housing equity, financial assets and income.