NDLI: Homeownership, mortgages, and unemployment

Content Provider	Springer Nature Link
Author	Kantor, Yuval Möhlmann, Jan Nijkamp, Peter Rouwendal, Jan
Copyright Year	2015
Abstract	According to Oswald’s thesis, homeownership increases unemployment. Empirical research on micro-data has indeed confirmed that unemployed homeowners are less inclined to change their residential location and accept a new job elsewhere. However, it is also repeatedly found that unemployed homeowners tend to find a job more easily than otherwise comparable tenants. This paper aims to make a new contribution to the scientific debate on Oswald’s thesis by addressing the risk attitudes of job seekers. We show that decreasing absolute risk aversion implies that the exit rate from unemployment is increasing in housing costs, in the context of a standard job search model. Therefore, the higher costs associated with leveraged homeownership may be the driving force of homeowners’ observed labor market performance. We test this prediction on the basis of Dutch data on individual unemployment spells. Contrary to our hypothesis, we do not find evidence that a higher mortgage is associated with higher exit rates from unemployment. Rather, our findings support earlier micro-econometric results that homeownership tends to accelerate a successful job search.
Starting Page	253
Ending Page	265
Page Count	13
File Format	PDF
ISSN	18644031
Journal	Letters in Spatial and Resource Sciences
Volume Number	8
Issue Number	3
e-ISSN	1864404X
Language	English
Publisher	Springer Berlin Heidelberg
Publisher Date	2015-02-24
Publisher Place	Berlin, Heidelberg
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Homeownership Unemployment duration Mortgage Regional/Spatial Science Agricultural Economics Geographical Information Systems/Cartography Landscape/Regional and Urban Planning Environmental Economics Demography
Content Type	Text
Resource Type	Article
Subject	Geography, Planning and Development Urban Studies Demography Economics and Econometrics

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