2024-09-09-美联储-部分住房所有权_定量分析（英）_63页_2mb

Partial Homeownership: A Quantitative Analysis

1. Introduction

   • The study introduces a market-based partial homeownership (PO) contract, allowing households to buy a fraction of a home (50–90%) while renting the remainder.
   • PO is popular in Norway, Sweden, England, Australia, and China, especially among young and low-income households.
   • The goal is to quantify PO's impact on housing investment, welfare, financial stability, and systemic risk.

2. Key Findings

   • Housing Investment:
     • PO increases homeownership rates among otherwise renting households (≈25% of young adults switch).
     • Traditional homeownership declines slightly over time as more households opt for gradual ownership increases.
   • Willingness-to-Pay (WTP):
     • Households aged 25–45 pay between 4–19% of disposable income (mean 7–20%) for access to PO.
     • Renters have higher WTP than owners, while low-income and young households are most responsive.
     • PO WTP is higher in high-price regions.
   • Financial Stability:
     • PO increases household debt (especially through new mortgages) but reduces the share of households with debt-to-income (DTI) ratios near regulatory limits.
     • PO significantly lowers the value of housing lost in downsizing (50% reduction on average).
   • Crowding-Out Effects:
     • PO may reduce the displacement of stock investments by housing, offering an alternative to traditional homeownership.

3. Heterogeneous Demand

   • Renters have higher WTP due to accessing homeownership benefits and relaxed borrowing constraints.
   • Low-income households and young adults are most likely to adopt PO as a response to affordability issues.
   • PO is particularly attractive in housing markets with high prices and strict lending regulations.

4. Policy Implications

   • Despite initial concerns, PO redistributes borrowing risk, reducing systemic risk despite higher aggregate debt.
   • It serves as an accessible alternative to traditional ownership, improving inclusion and welfare for credit-constrained households.

5. Contributions

   • First study to incorporate a for-profit PO contract into a calibrated life-cycle model with microdata.
   • Models the ownership-elasticity parameter, quantifying how utility gains scale with partial ownership.
   • Highlights PO's role in addressing housing affordability, diversifying housing choices, and enhancing financial stability.