BORROWING CONSTRAINTS AND ACCESS TO OWNER-OCCUPIED HOUSING

被引:50
作者
DUCA, JV
ROSENTHAL, SS
机构
[1] UNIV BRITISH COLUMBIA,FAC COMMERCE & BUSINESS ADM,VANCOUVER V6T 1Z2,BC,CANADA
[2] FED RESERVE BANK DALLAS,RES DEPT,DALLAS,TX 75256
关键词
CREDIT CONSTRAINTS; HOUSING; TENURE CHOICE;
D O I
10.1016/0166-0462(93)02041-Z
中图分类号
F [经济];
学科分类号
02 ;
摘要
Cross-sectional data from the 1983 Survey of Consumer Finances (SCF) enable us to identify two groups of households: those whose housing tenure status is unaffected by borrowing constraints, and those whose housing tenure status may be affected by borrowing constraints. Using these data, a bivariate probit model is estimated to evaluate the joint probability of whether families prefer to live in owner-occupied housing and whether borrowing constraints affect access to owner-occupied housing. Findings indicate that borrowing constraints have a significant negative effect on homeownership rates. Indeed, if borrowing constraints had not been binding in our sample period (the early 1980s), ceteris paribus, owner-occupancy rates in the United States would have risen from 64.5% to nearly 73%. Moreover, borrowing constraints appear to have a disproportionate effect on the ability of younger families and non-white families to own a home, consistent with popular perceptions.
引用
收藏
页码:301 / 322
页数:22
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