Objective Housing Sales and Rent Prices in Representative Household Surveys: Implications for Wealth, Inequality, Housing Market, and Affordability Statistics
用卢森堡住户调查数据，以客观市场数据替代主观报告房价，发现仅18%租户有能力购买现住房，并揭示财富分布变化和区域差异。
Many economic analyses require hypothetical but realistic sales and rent prices for properties representative of the housing stock and reflecting current market conditions. To achieve this, we replace subjectively reported prices in a representative household survey in Luxembourg with objectified hedonic imputations informed by observable market data. Thus, we propose a powerful tool for assessing the health and affordability of housing markets, compiling housing‐related statistics and simulating hypothetical scenarios. This approach also enables us to test for the reliability of survey responses. When switching to objectified values, we detect shifts in the wealth distribution, large regional variation in market indicators, and striking affordability concerns: only 18 percent of Luxembourg's renters could theoretically afford to purchase their inhabited dwellings given current market conditions. Further, participants' tendency to mis‐estimate market values strongly correlates with tenure length and type, dwelling type, income, and wealth.