Cross-country Differences in Homeownership: A Cultural Phenomenon?

Huber, Stefanie; Schmidt, Tobias

doi:10.2139/ssrn.3507642

Cited by 6 publications

(3 citation statements)

References 19 publications

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“…Kemeny's and Castle's research, which contributed noticeably to the literature on the homeownership‐pension nexus, suggests that higher homeownership rates may translate into adequate income after retirement alongside a reduced public pension system. However, the approach to homeownership‐tenancy dualism is divergent across European countries, as homeownership rates vary from 40% in Switzerland to 80% in Spain (Huber & Schmidt, 2019). The causes are complex and country‐specific, as path dependency and local contingency play an important role (Bravo et al, 2019; Doling & Ronald, 2010a, 2010b).…”

Section: Related Literaturementioning

confidence: 99%

Income‐poor, asset‐rich? The role of homeownership in shaping the welfare position of the elderly

Marcinkiewicz

Chybalski

2023

Int J Soc Welfare

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The study explores the distribution of elderly households in terms of combinations of different levels of income and wealth and relates to the typically greater homeownership rates in this group than in the younger generation. Using microdata from the Luxembourg Wealth Study for 12 countries it demonstrates that ‘income‐poor, asset‐rich’ elderly households are a quite marginal category. However, the identification of this group is crucial from the policy perspective, as it constitutes a target for actions aiming at increasing the ability of the elderly households to use housing wealth in such a way as to improve their financial well‐being. The results also suggest that higher homeownership rates among elderly households, as compared to non‐elderly households, are not accompanied by proportionally greater household wealth. Nevertheless, when the level of data aggregation is reduced, there is some evidence that homeownership is positively associated with the welfare position of the elderly.

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Section: Related Literaturementioning

confidence: 99%

Income‐poor, asset‐rich? The role of homeownership in shaping the welfare position of the elderly

Marcinkiewicz

Chybalski

2023

Int J Soc Welfare

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“…The countries to which most Polish migrants move are far lower on the ranking, with the Netherlands (69.1%) and Ireland (70.3%) close to the EU's average (69.7%), the UK somewhat below (65%) and Germany being second to last (50.4%) (Eurostat, 2022; MHCLG, 2020). Research shows that the desire to own one's home is socialised and culturally transmitted (Lersch & Luijkx, 2015), and migrants from countries where owning real estate is the norm often own real estate also in their new country of living (Huber & Schmidt, 2019). With almost 2.5 million Polish migrants (Statistics Poland, 2020), it seems that there are large numbers of migrant‐owned properties in Poland, making their usage of considerable importance.…”

Section: Introductionmentioning

confidence: 99%

Real estate in the home country: Why Polish migrants keep properties in Poland

Jancewicz

2023

International Migration

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Real estate is often the most visible contribution that emigrants add to their home country's landscape. Such properties serve different functions, from rental investments, through migrant families' homes, to holiday homes or empty spaces. Economists often view real estate through financial lens, frowning upon vacant houses. I argue that keeping vacant houses is often caused by social and emotional factors rather than financial ones. This article uses data from 120 qualitative interviews with Polish EU migrants and juxtaposes them with the typology of remittance houses proposed by Boccagni and Erdal. The data, combined with the theoretical perspective of Neoclassical Economics, New Economics of Labour Migration, and Grzymała‐Kazłowska's concept of social anchoring, allow me to improve the typology. The updated typology systematises the functions of and reasons why migrants keep properties in their home countries and provides a sound frame for future research and policymaking.

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“…For Sweden, Haliassos et al (2016) uncover differences across cultural groups within the immigrant population in how holdings of stock, debt and housing relate to household characteristics, and show that differences diminish with exposure to host country institutions. Huber and Schmidt (2019) isolate the effect of cultural preferences regarding home ownership for immigrants in the US. Finally, social interactions and social capital are important, as immigrant participation in financial markets (i.e., the likelihood of having savings and interest-bearing checking accounts) decreases with higher levels of ethnic concentration (Osili and Paulson 2004).…”

Section: Introductionmentioning

confidence: 99%

The Financial Decisions of Immigrant and Native Households: Evidence from Italy

2022

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Using rich Italian data for the period 2006–2014, we analyze differences in financial behavior between natives and immigrants in a unified setting covering a wide set of outcomes and including a large set of covariates. We document sizeable gaps between native and immigrant households with respect to wealth holdings and financial decisions. Immigrant household heads hold less net wealth than native along the entire wealth distribution. Immigrant status reduces the likelihood of holding risky assets, housing, mortgages, businesses, and valuables, and it increases the likelihood of financial fragility. Standard regression results are corroborated by a propensity score matching strategy. Years since migration, country of origin, and the pattern of intermarriage also matter. The Great Recession has worsened the condition of immigrants in terms of wealth holdings, home ownership, and financial fragility.

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Cross-country Differences in Homeownership: A Cultural Phenomenon?

Cited by 6 publications

References 19 publications

Income‐poor, asset‐rich? The role of homeownership in shaping the welfare position of the elderly

Income‐poor, asset‐rich? The role of homeownership in shaping the welfare position of the elderly

Real estate in the home country: Why Polish migrants keep properties in Poland

The Financial Decisions of Immigrant and Native Households: Evidence from Italy

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