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Neighborhood externality risk and the homeownership status of properties

机译:社区外部性风险和物业的房屋所有权状态

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摘要

In contrast to corporate and institutional investors, single owner-occupiers cannot adequately diversify housing investment risk. Consequently, homeownership should be relatively less likely in places with higher housing investment risk. Using the American Housing Survey, it is documented that neighborhood externality risk, a major component of housing investment risk, substantially reduces the probability that a housing unit is owner-occupied, even when controlling for housing type and numerous location and household specific characteristics. The effects are quantitatively meaningful and change-in-change estimates suggest that the effects are causal.
机译:与公司和机构投资者相反,单身业主无法充分分散住房投资风险。因此,在住房投资风险较高的地方,拥有房屋的可能性相对较小。使用《美国住房调查》的文件显示,即使控制房屋类型,众多位置和家庭特定特征,邻里外部风险(住房投资风险的主要组成部分)也大大降低了住房单元被所有者占用的可能性。这些影响在数量上是有意义的,变化变化的估计值表明这些影响是因果关系的。

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