Regional and State Variation in Homeownership Rates
Posted: 22 Apr 2002
There are significant disparities in homeownership rates across the regions and states of the US. The causes of these disparities are determined within a standard probit model of the individual homeownership decision where the micro-level observations are aggregated to the regional level. Factors which play a significant role at the individual level are evaluated for their ability to explain regional differentiation. The relative price of owning and renting plays a major role as do other market level determinants. Individual demographic characteristics are not as important with the exception of those related to the immigration and citizenship status of the household head.
Keywords: Homeownership, U.S. Regions
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