Please use this identifier to cite or link to this item: https://hdl.handle.net/20.500.11851/1113
Title: Down Payment Saving in the United States: Evidence from the Panel Study of Income Dynamics
Authors: Yalta, Abdullah Talha
Keywords: life-cycle
housing tenure choice
consumption
homeownership
home ownership
demand
prices
Issue Date: 2016
Publisher: Wiley
Source: Yalta, A. T. (2016). Down Payment Saving in the United States: Evidence from the Panel Study of Income Dynamics. Real Estate Economics, 44(2), 355-377.
Abstract: We present a model of household saving toward a mortgage loan under an exogenous down payment requirement and preference for owning over renting. Our model explains a set of empirical observations such as the dual effect in the form of some households, in response to higher down payments, becoming discouraged savers while those who do not abandon purchasing plans save more. We also employ instrumental variable-based methods to investigate the down payment saving behavior of first-time home buyers in the United States. The empirical results based on Panel Study of Income Dynamics (PSID) data support the inelastic down payment elasticity of saving implied by our model.
URI: https://doi.org/10.1111/1540-6229.12096
https://hdl.handle.net/20.500.11851/1113
ISSN: 1080-8620
Appears in Collections:İktisat Bölümü / Department of Economics
Scopus İndeksli Yayınlar Koleksiyonu / Scopus Indexed Publications Collection
WoS İndeksli Yayınlar Koleksiyonu / WoS Indexed Publications Collection

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