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首页> 外文期刊>The Journal of real estate finance and economics >Household Housing Demand: Empirical Analysis and Theoretical Reconciliation
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Household Housing Demand: Empirical Analysis and Theoretical Reconciliation

机译：家庭住房需求：实证分析与理论对账

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摘要

Since owner-occupied housing is partly a financial asset, expectations of capital gain or loss play a role in housing demand. In recent years, some "hot" housing markets have exhibited an increase in demand when housing prices rise and a decrease when they fall, suggesting the presence of capital gains forces that outweigh the traditional neoclassical demand response associated with the standard consumer good. To explore whether this behavior is systematic, we estimate individual household housing demand equations for two large and geographically diverse metropolitan areas, San Francisco and Atlanta. The data base consists of forty nine Public Use Microdata Area samples. The econometric results indicate that own-housing demand is downward sloping in one market but upward sloping in the other. These disparate results are reconciled by showing that they are consistent with two different and explicit special case predictions of the same theoretical model of housing demand and reflect the differing relative strengths of a standard consumption good demand response and of an asset based capital gains effect.
机译：由于自有住房是金融资产​​的一部分，因此对资本损益的预期在住房需求中起着重要作用。近年来，一些“热门”住房市场在住房价格上涨时需求增加，而在住房价格下跌时却下降，这表明存在着资本增值力量，超过了与标准消费品相关的传统新古典需求反应。为了探究这种行为是否是系统性的，我们估计了旧金山和亚特兰大这两个地理上各异的大都市地区的个体家庭住房需求方程。该数据库由四十九个公共用途微数据区域样本组成。计量经济学结果表明，一个市场的自住房需求呈下降趋势，而另一个市场呈上升趋势。通过证明它们与相同的住房需求理论模型的两个不同且明确的特殊情况预测相一致，可以使这些不同的结果一致，并反映了标准消费良好需求响应和资产资本收益效应的不同相对强度。

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