TY  - UNPD
A1  - Grevenbrock, Nils
A1  - Ludwig,, Alexander
A1  - Siassi, Nawid
T1  - Homeownership rates, housing policies, and co-residence decisions
N2  - Homeownership rates differ widely across European countries. We document that part of this variation is driven by differences in the fraction of adults co-residing with their par-ents. Comparing Germany and Italy, we show that in contrast to homeownership rates per household, homeownership rates per individual are very similar during the first part of the life cycle. To understand these patterns, we build an overlapping-generations model where individuals face uninsurable income risk and make consumption-saving and housing tenure decisions. We embed an explicit intergenerational link between children and parents to cap-ture the three-way trade-off between owning, renting, and co-residing. Calibrating the model to Germany we explore the role of income profiles, housing policies, and the taste for inde-pendence and show that a combination of these factors goes a long way in explaining the differential life-cycle patterns of living arrangements between the two countries.
T3  - SAFE working paper - 396 
KW  - Homeownership
KW  - Co-residence
KW  - Overlapping generations
Y1  - 2023
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/70394
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-703947
UR  - https://ssrn.com/abstract=4519587
N1  - Financial support from the Austrian National Bank (OeNB) grant no. 18646, the German Research Foundation grant no. 462655750 and the Leibniz Institute for Financial Research SAFE is gratefully acknowledged.
N1  - JEL-Klassifikation: 
D Microeconomics / D1 Household Behavior and Family Economics / D15 Intertemporal Household Choice - Life Cycle Models and Saving
PB  - SAFE
CY  - Frankfurt am Main
ER  -