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STRUCTURAL ESTIMATION OF RESIDENTIAL MOBILITY AND HOUSING TENURE CHOICE*

This study is devoted to studying households' decisions about moving and about whether to rent or own after moving. It employs dynamic discrete choice models which condition households' decisions on their circumstances at every point in time during the length of the observation while accounting for individual heterogeneity. The results show that key dynamic elements, captured by means of lagged dependent variables, as well as household heterogeneity, are very significant determinants of the tenure choice and mobility decisions. Moreover, homeowners are found to be responsive to housing market conditions in adjusting their housing stock. Housing price appreciation is found to be discouraging renters from moving and owning. Finally, our results reject the proportional monetary transaction costs specification suggesting that monetary transaction cost might be fixed