Universität zu Köln

Lersch, Philipp M. ORCID: 0000-0003-3863-8301 and Dewilde, Caroline (2018). Homeownership, saving and financial wealth: a comparative and longitudinal analysis. Hous. Stud., 33 (8). S. 1175 - 1207. ABINGDON: ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD. ISSN 1466-1810

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Abstract

The finding that homeowners own more non-housing wealth than tenants is well known. We examine whether the higher financial wealth of owners can be partly explained with increases in saving when becoming a homeowner in two distinct institutional contexts. Using longitudinal data for the UK (British Household Panel Survey) and Germany (Socio-Economic Panel Study), we find that homeowners save more and are financially wealthier than tenants. However, when controlling for time-constant selection into homeownership, upon entering homeownership households reduce their probability to save in Germany and reduce their average saving rate in Germany and the UK. For Germany, there is some evidence that processes of homemaking (family formation and home improvement) lead to less saving. For the UK, we find no evidence that increasing home equity over time discourages saving. Finally, tenants do not compensate for their lack of housing wealth by accumulating more non-housing wealth over time. This disadvantage for tenants seems more pronounced in the UK compared to Germany.

Item Type:	Journal Article
Creators:	Creators Email ORCID ORCID Put Code Lersch, Philipp M. UNSPECIFIED orcid.org/0000-0003-3863-8301 UNSPECIFIED Dewilde, Caroline UNSPECIFIED UNSPECIFIED UNSPECIFIED
URN:	urn:nbn:de:hbz:38-165597
DOI:	10.1080/02673037.2018.1424803
Journal or Publication Title:	Hous. Stud.
Volume:	33
Number:	8
Page Range:	S. 1175 - 1207
Date:	2018
Publisher:	ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
Place of Publication:	ABINGDON
ISSN:	1466-1810
Language:	English
Faculty:	Faculty of Management, Economy and Social Sciences
Divisions:	Faculty of Management, Economics and Social Sciences > Social Sciences > Sociology and Social Psychology > Department of Scociology
Subjects:	no entry
Uncontrolled Keywords:	Keywords Language HOUSING WEALTH; HOME-OWNERSHIP; LIFE-COURSE; HOUSEHOLD WEALTH; GERMANY; CONSUMPTION; CONSEQUENCES; BRITAIN; REGIMES Multiple languages Environmental Studies; Regional & Urban Planning; Urban Studies Multiple languages
Refereed:	Yes
URI:	http://kups.ub.uni-koeln.de/id/eprint/16559