Does Home Owning Smooth the Variability of Future Housing Consumption?
---- Acknowledgements -----
We thank Fernando Ferreira, Joe Gyourko, Chris Paciorek, David Rothschild, Albert Saiz, Stephen Shore, Nicholas Souleles, Joel Waldfogel, Justin Wolfers, Maisy Wong and seminar participants at Wharton and the Duke ERID housing dynamics conference for helpful comments and suggestions. We are grateful to the Research Sponsors Program of the Zell-Lurie Real Estate Center at Wharton for funding. All errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.