To Buy or Not to Buy: Consumer Constraints in the Housing Market
通过一项住户调查，研究了首付比例变化对购房意愿的影响，发现流动性约束强的群体（如租房者、低储蓄或低房屋净值的业主）对首付变化更敏感，且租房者的购房意愿还受未来租金和个人财务状况预期的影响。
We use a strategic household survey to study the sensitivity of intended homeownership decisions to financing constraints. We find that the average stated likelihood of buying a home is strongly sensitive to the size of the required down payment, which we vary exogenously across three scenarios. This sensitivity is particularly high for respondents that appear more liquidity constrained based on observable characteristics (including current renters, or owners with low savings or low home equity). For renters, expectations of future rent inflation and of improvements to their personal financial situation also predict intention to buy.