HOMEOWNERSHIP AND HOUSING TRANSITIONS: EXPLAINING THE DEMOGRAPHIC COMPOSITION
研究了1995-2015年间不同年龄组住房拥有率的变化，发现年轻人波动大主要源于租房转购房，并通过生命周期模型分析指出债务收入比限制是解释年龄组差异的关键。
Abstract We document the evolution of homeownership rate across various age groups for the period 1995–2015. We find that variations in the homeownership rates are relatively large for the young, which is mostly driven by renter‐to‐owner transitions. In order to explain these empirical facts, we consider a life‐cycle model featuring housing tenure decisions. Housing is modeled as an indivisible and lumpy investment subject to both loan‐to‐value (LTV) and debt‐to‐income (DTI) credit constraints and transaction fees. Our analysis suggests that variations in the DTI limit play a crucial role in accounting for the uneven behavior across age groups.