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Title: The Postwar Conquest of the Home Ownership Dream

Citation Type: Working Paper

Publication Year: 2016

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Abstract: The post-World War II witnessed the largest housing boom in recent history. The objective of this paper is to develop a quantitative equilibrium model of tenure choice to analyze the key determinants in the co-movement between home ownership and house prices over the period 1940 to 1960. The parameterized model is consistent with key aggregate and distributional features observed in the 1940 U.S. economy and is capable of accounting for the observed postwar housing boom. The paper shows, both theoretically and quantitatively, that the key to explaining the comovement is an asymmetric productivity change that favors the goods sector relative to the construction sector. Other factors such as demographics, income risk, and government policy are important determinants of the home ownership rate but have relatively small eects on housing prices.

Url: http://webapps.towson.edu/cbe/economics/workingpapers/2016-07.pdf

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Authors: Chambers, Matthew; Garriga, Carlos; Schlagenhauf, Don E

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Publication Number: 2016-07

Institution: Towson University

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Publisher Location: Towson, Maryland

Data Collections: IPUMS USA

Topics: Housing and Segregation, Methodology and Data Collection

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