Japanese Homeownership : Relative Tenure Prices Versus Demographic Factors : Theory and Evidence

概要

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This paper presents models based on microeconomic theoretical foundations, estimates the parameters of the models of the Japanese aggregate homeownership rates from 1958 to 1978 by time-series data in order to study the determinants of the housing tenure choice, and simulates some results. We have made clear when the aggregate homeownership rates depend both on the relative tenure prices and demographic factors and when not by explicitly showing the theoretical relationship between the aggregate ratio and the micro individual behavior. We have constructed the relative housing prices of owning and renting based on the Japanese tax system. The estimated results suggest that the change in the Japanese aggregate homeownership rates after 1958 was greatly influenced by demographic and social factors. It was also shown that the Japanese aggregate homeownership rate is sensitive to the Japanese income tax system.
日本大学の論文
1984-03-20