Neighborhood externality risk and the homeownership status of properties

Hilber, Christian A. L. ORCID: 0000-0002-1352-495X (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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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
Divisions:	Geography & Environment
Subjects:	H Social Sciences > HT Communities. Classes. Races G Geography. Anthropology. Recreation > G Geography (General)
JEL classification:	R - Urban, Rural, and Regional Economics > R3 - Production Analysis and Firm Location > R31 - Housing Supply and Markets R - Urban, Rural, and Regional Economics > R2 - Household Analysis > R21 - Housing Demand D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D81 - Criteria for Decision-Making under Risk and Uncertainty
Date Deposited:	21 Apr 2008 15:14
Last Modified:	11 Dec 2024 18:39
URI:	http://eprints.lse.ac.uk/id/eprint/4441

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