House Prices and the Decision to Save for Down Payments

Gary V. Engelhardt

129 citations0/0 files storedJournal of Urban Economics

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Housing Market and Economics Financial Literacy, Pension, Retirement Analysis Housing, Finance, and Neoliberalism

Abstract

This paper examines the responsiveness of renters′ decisions to save for home purchase to house prices. I use membership in a tax-deferred savings program for prospective first-time home buyers in Canada to identify renter households who are saving for a down payment. I find that high house prices substantially reduce the probability of households saving for a down payment: a $4000 increase in house prices decreases the probability of saving for a down payment by one percentage point. In addition, households saving for home purchase have $300 less in accumulated assets for every $1000 higher increment to house prices.

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2002Home Ownership and Access to Opportunity 1995Wealth Accumulation and Housing Choices of Young Households: An Exploratory Investigation 2004Housing, Consumption, and Credit Constraints 2003House Price Appreciation, Transactions and Structural Change in the British Housing Market: A Macroeconomic Perspective 2011Parental Wealth and First-time Homeownership: A Cohort Study of Family Background and Young Adults’ Housing Situation in Sweden 2006JOB SEARCH AND ASSET ACCUMULATION UNDER BORROWING CONSTRAINTS *2007Household Debt and Credit: Economic Issues and Data Problems 2001Savings of Young Parents

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