WHY HAS HOME OWNERSHIP FALLEN AMONG THE YOUNG?*
研究了1980-2000年间25-44岁人群住房拥有率下降的原因，发现晚婚趋势和家庭收入风险增加是主要因素，而税收、房价等影响不大。
Home ownership of households with “heads ” aged 25–44 years peaked in 1980. By the 2000 census the rate had fallen by roughly ten percent and it recovered only partially during the 2001–2006 housing boom. The 1980– 2000 decline in young home ownership occurred as improvements in mortgage opportunities made it demonstrably easier to purchase a home for the first time. This paper uses an equilibrium life cycle model calibrated to micro and macro evidence to understand why young home ownership fell over a period when it became easier to own a home. We show that, in the presence of proportional adjustment costs, a trend toward marrying later and the increase in family income risk from delayed marriage, marriage instability, and greater individual income risk are sufficient to account for most of the decline in young home ownership. We explain how changes to taxes, house prices, or household mobility rates are unlikely to be important factors affecting the decline.