Housing Tenure in a Model of Consumer Choice: A Simple Diagrammatic Analysis
通过一个跨期效用最大化框架分析住房需求，并构建单期图解模型，展示收入、储蓄、房价、抵押贷款利率等因素对消费者租房或购房选择的影响。
The paper begins with a general model of demand for housing in an intertemporal utility maximization framework. Under standard assumptions the consumer is indifferent between owning and renting. Relaxation of various assumptions would explain tenure choice, but this is mathematically complex. As an alternative, a diagrammatic model of consumer choice over one period is presented which shows the effects of income, savings, housing and other prices, mortgage interest rates, rates of return on alternative investments, and tastes. Again under standard assumptions the consumer is indifferent about housing tenure. The effects on tenure choice of a change in the assumption about the availability of mortgage credit, rates of return on alternative investments and income taxes are demonstrated.