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作者

Philip Vinson

来源

REAL ESTATE ECONOMICS,Vol.49,Issue2,P.635-662

语言

英文

关键字

作者单位

摘要

I estimate the house price elasticity of consumption using panel data for households in the United States for the years 1999–2013. I find that the average house price elasticity of consumption is positive but modest and varies by age. However, when measuring the elasticity separately for households who are credit constrained, I find that households with a high loan-to-value mortgage have a much larger house price elasticity of consumption of about 0.2. I also find that poor hand-to-mouth households consume more than others when their house price increases while wealthy hand-to-mouth ones donot.