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Title: Cross-Country Differences in Homeownership: A Cultural Phenomenon?
Citation Type: Working Paper
Publication Year: 2019
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Abstract: Cross-country differences in homeownership rates are large and persistent over time, with homeownership rates ranging from 40% in Switzerland to 80% in Spain. This paper investigates whether culture is a driving factor of the homeownership decision, and could thus explain part of the cross-country differences in homeownership rates. To isolate the effect of cultural preferences regarding homeownership from the impact of institutions and economic factors, we investigate the homeownership decisions of second-generation immigrants in the United States between 1994 and 2017. Our findings indicate that cultural preferences for homeownership are persistent, transmitted between generations, and substantially influence the rent-versus-buy decision
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Authors: Huber, Stefanie J; Schmidt, Tobias
Series Title: Deutsche Bundesbank Discussion Paper
Publication Number: 40/2019
Institution: Deutsche Bundesbank
Pages: 62
Publisher Location: Germany
Data Collections: IPUMS CPS
Topics: Housing and Segregation, Migration and Immigration
Countries: Germany