Home Ownership and Household Portfolio Choice

Michielsen, Thomas; Mocking, Remco; Veldhuizen, Sander van

doi:10.2139/ssrn.2734033

Cited by 6 publications

(3 citation statements)

References 27 publications

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“…Wealth and income were found to be positively related to homeownership. For example, having financial assets investment increased the likelihood of being a homeowner, which was consistent with prior literature findings (Bodie and Crane, 1997; Fratantoni, 1998; Michielsen, Mocking and Veldhuizen, 2016; Wang and Tian, 2012). Additionally, car owners were 1.6 times more likely to be homeowners than those without owning any vehicle.…”

Section: Multivariate Analysissupporting

confidence: 90%

“…As shown in the results of never married women and never married men, such influential determinants as financial assets ownership and such unique factors as having a son, mother’s educational achievement, employment status and living location helped to provide some insights about the higher probability of never married men’s homeownership than never married women. Prior research has found a positive relationship between homeownership and wealth (Bodie and Crane, 1997; Fratantoni, 1998; Michielsen et al , 2016; Wang and Tian, 2012), which was found to be a more significant factor related to the homeownership of never married men. Homeownership, an important indicator of wealth, increased the attractiveness in the marriage market for never married men in urban China (Chai and Feng, 2021; Hu and Wang, 2020).…”

Section: Discussion and Implicationmentioning

confidence: 88%

“…However, the relationship between homeownership and asset ownership was inconsistent among previous empirical findings. A positive relationship between homeownership and risky assets investment indicated the wealth effect of owning a house (Bodie and Crane, 1997; Fratantoni, 1998; Michielsen et al , 2016; Wang and Tian, 2012). As an important component of a household portfolio, financial assets can be considered as the indicator of wealth.…”

Section: Review Of Literaturesmentioning

confidence: 99%

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Never married individuals and homeownership in urban China

Lei

2022

IJHMA

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Purpose Drawing on the literature regarding gender, marital status and homeownership, this paper aims to examine the role of gender and marital status played in homeownership in urban China. This paper also attempted to shed light on other determinants of homeownership as well as heterogeneity in the factors related to homeownership between never married women and never married men. Design/methodology/approach This study uses data from the 2010 to 2015 China General Social Survey to investigate factors related to homeownership among urban Chinese households and focuses on the role of gender and marital status in particular. Multivariate analyses were applied to the full sample, never married sample, never married women sample and never married men sample respectively. Findings Findings from this study on the full sample showed that never married individuals were less likely to be the homeowners compared to the married couples. The probability of homeownership of never married women was lower compared to the never married men cohort. Different personal characteristics contributed to homeownership between never married women and never married men cohort. Research limitations/implications The empirical model in this study did not provide direct evidence that never married individuals were more likely to be homeowners as reflected in the recent mass media news. Further study could conduct a survey designed specifically for this group. Originality/value This study adds to current literature with further understanding of factors related to homeownership among Chinese households in general as well as in never married women and never married men subsamples.

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Section: Multivariate Analysissupporting

confidence: 90%

Section: Discussion and Implicationmentioning

confidence: 88%

Section: Review Of Literaturesmentioning

confidence: 99%

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Never married individuals and homeownership in urban China

Lei

2022

IJHMA

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Tenure choice, portfolio structure and long-term care – Optimal risk management in retirement

Fehr¹,

Hofmann

2020

The Journal of the Economics of Ageing

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We study the interplay between tenure decisions, stock market investment and the public social security system. Housing equity not only serves a dual purpose as a consumption good and as an asset, but also provides insurance to buffer various risks in retirement. Our life cycle model captures these links in order to explain why homeownership in Germany is so low. Our simulation results indicate that the public long-term care as well as the pension system reduce the homeownership rate in Germany by 10-15 percentage points.

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Disentangling the effect of home ownership on household stockholdings: Evidence from Japanese micro data

Iwaisako

Ono

Saito³

et al. 2021

Real Estate Economics

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This study examines the effects of home ownership on household stockholdings using Japanese microdata. To disentangle the effect of property value and mortgage debt on households’ stockholdings as a share of financial assets, we use current and time‐of‐purchase house price indices as instruments. Our estimates suggest that an exogenous increase in property value is associated with an increase in stockholdings, while an increase in mortgage debt is associated with a decrease. We also find that a simultaneous increase in property value and mortgage debt has no effect on stockholdings but is associated with an increase in mortgage debt repayment.

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Home Ownership and Household Portfolio Choice

Cited by 6 publications

References 27 publications

Never married individuals and homeownership in urban China

Never married individuals and homeownership in urban China

Tenure choice, portfolio structure and long-term care – Optimal risk management in retirement

Disentangling the effect of home ownership on household stockholdings: Evidence from Japanese micro data

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