@techreport{NBERw5629,
 title = "Expected Home Ownership and Real Wealth Accumulation of Youth",
 author = "Donald R. Haurin and Patric H. Hendershott and Susan M. Wachter",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "5629",
 year = "1996",
 month = "June",
 URL = "http://www.nber.org/papers/w5629",
 abstract = {This paper describes the real wealth accumulation of American youth and relates this behavior to variations in real constant-quality house prices in their localities of residence.  We argue that increases in the real constant-quality house price have two offsetting effects on wealth.  First, the greater the local constant-quality price of housing, the greater the wealth needed to meet the lender imposed down payment constraint if housing demand is price inelastic.  However, increased real constant-quality house price reduces the likelihood of home ownership and thus the desire the accumulate wealth needed for a down payment.  Using a panel data set for youth age 20-33 for the years 1985 through 1990 we find that the combined direct and indirect impact of variations in real constant-quality house price on wealth is modest for changes near the average real house price, but youths' wealth declines substantially in areas with high real house price.},
}