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Neighborhood externality risk and the homeownership status of properties

Hilber, Christian A.L. (2004) Neighborhood externality risk and the homeownership status of properties. Research Papers in Environmental and Spatial Analysis, 94. London School of Economics and Political Science, London, UK. ISBN 0753018241

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Identification Number: 94

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: Monograph (Working Paper)
Official URL: http://www.lse.ac.uk/collections/geographyAndEnvir...
Additional Information: © 2004 The Author
Subjects: H Social Sciences > HT Communities. Classes. Races
G Geography. Anthropology. Recreation > G Geography (General)
Sets: Departments > Geography and Environment
Date Deposited: 21 Apr 2008 15:14
Last Modified: 09 Jul 2012 14:13
URI: http://eprints.lse.ac.uk/id/eprint/4441

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