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Neighborhood externality risk and the homeownership status of properties

Hilber, Christian A.L. (2005) Neighborhood externality risk and the homeownership status of properties. Journal of Urban Economics, 57 (2). pp. 213-241. ISSN 0094-1190

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Abstract

In contrast to corporate and institutional investors, single owner-occupiers cannot adequately diversify housing investment risk. Consequently, homeownership should be relatively less likely in places with higher housing investment risk. Using the American Housing Survey, it is documented that neighborhood externality risk, a major component of housing investment risk, substantially reduces the probability that a housing unit is owner-occupied, even when controlling for housing type and numerous location and household specific characteristics. The effects are quantitatively meaningful and change-in-change estimates suggest that the effects are causal.

Item Type: Article
Official URL: http://www.journals.elsevier.com/journal-of-urban-...
Additional Information: © 2005 Elsevier
Library of Congress subject classification: H Social Sciences > HT Communities. Classes. Races
G Geography. Anthropology. Recreation > G Geography (General)
Journal of Economic Literature Classification System: D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D81 - Criteria for Decision-Making under Risk and Uncertainty
G - Financial Economics > G1 - General Financial Markets > G11 - Portfolio Choice; Investment Decisions
R - Urban, Rural, and Regional Economics > R2 - Household Analysis > R21 - Housing Demand
R - Urban, Rural, and Regional Economics > R3 - Production Analysis and Firm Location > R31 - Housing Supply and Markets
Sets: Departments > Geography and Environment
Research centres and groups > Spatial Economics Research Centre
Collections > Economists Online
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 28 Jan 2008
URL: http://eprints.lse.ac.uk/3192/

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