Borrowing Constraints, Home Ownership and Housing Choice: Evidence from Intra‐Family Wealth Transfers
利用家庭内部财富转移数据，研究发现财富转移使租房者转为房主的概率提高6-8个百分点，且该效应源于借贷约束放松而非财富效应，但对现有房主换大房无显著影响。
Abstract We study the impact of borrowing constraints on home ownership and housing demand by comparing the tenure choice and housing quality of consumers who receive intra‐family wealth transfers to those that do not. Our analysis is based on household‐level panel data providing information on the receipt of wealth transfers, changes in tenure status as well as changes in the size and quality of housing. On average we find that the receipt of a wealth transfer increases the propensity of consumers to transition from renters to home‐owners by 6–8 percentage points (35% of the sample mean). Additional analyses suggest that this effect is unlikely to be driven by wealth effects and can thus be attributed to the relaxation of borrowing constraints. By contrast, wealth transfers do not increase the likelihood that existing homeowners “trade‐up” to larger homes in better locations.