Real Estate and Personality

Journal of Behavioral and Experimental Economics, Forthcoming

28 Pages Posted: 29 Sep 2014

See all articles by Danny Ben-Shahar

Danny Ben-Shahar

Tel Aviv University

Roni Golan

Technion-Israel Institute of Technology; Tel Aviv University - Coller School of Management

Date Written: September 28, 2014


This paper explores preferences and choices in the real estate market from a personality perspective. First, we employ micro-level data on individual scores on the Big Five personality test and personal financial real estate preferences to evaluate the role of personality in individual real estate market-related preferences. Empirical results provide solid evidence for an association between personality traits and individual preferences on a series of housing tenure, mortgage, and real estate investment attributes. Moreover, based on cross-sectional state-level aggregate personality scores and macro real estate market indicators, we find evidence indicating that the detected micro-level personality-preferences association conveys macro consequences on real estate market equilibrium outcomes. Research findings thus provide a new perspective for understanding individual preferences and equilibrium outcomes in the real estate market.

Keywords: preferences, big five, personality traits, real estate, housing, mortgages, investments

JEL Classification: R2, R3

Suggested Citation

Ben-Shahar, Danny and Golan, Roni, Real Estate and Personality (September 28, 2014). Journal of Behavioral and Experimental Economics, Forthcoming, Available at SSRN:

Danny Ben-Shahar (Contact Author)

Tel Aviv University ( email )

Tel Aviv

Roni Golan

Technion-Israel Institute of Technology ( email )

Technion City
Haifa 32000, Haifa 32000

Tel Aviv University - Coller School of Management ( email )

Tel Aviv

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