Taxes, Inflation, Speculation and the Cost of Homeownership*
构建了一个衡量住房拥有成本的指标，综合考虑税收补贴、抵押贷款利率中的预期通胀以及房价增值预期，并估算了1970年代美国每年的总成本，发现实际成本呈下降趋势。
This article formulates a measure of the cost of homeownership which accounts for (1) the tax subsidy to homeowning, (2) the element of expected inflation in mortgage interest rates and (3) speculation about appreciation in real house prices. Each component of the total cost of homeowning is estimated annually across the decade of the 1970s. Total real costs are found to have trended down during the period, primarily because of a decline in the real interest rate and increases both in the real tax subsidy and in expectations of real appreciation.