the FBQROR model and use BQROR model only for model comparison. Moreover, we pri- marily discuss the covariates which are statistically different from zero at the 95% probability level. As seen from Table 6, age has a positive effect which implies that older individuals are more likely to strongly agree that homeownership is the best long-term investment. The re- sult is consistent with the view that older adults are less likely to change their attitude when faced with harsh economic experiences such as an economic crisis (Malmendier and Nagel, 2011; Giuliano and Spilimbergo, 2014). Our result also finds support in Bracha and Jamison (2012), where they find that older individuals are more confident about homeownership (rel- ative to renting) following large price declines. Income has a positive effect and so higher income individuals are more likely to agree with the investment benefits of homeownership. However, income is an important factor only at the 25th quantile. The result is somewhat consistent with Drew and Herbert (2013), where they find no statistically significant associ- ation between income and viewing homeownership as a better financial choice over renting. Number of members in the household is not an important factor when other variables are controlled in the model. Opinions across gender often vary due to risk perceptions and this is well reflected in our results. We find that females are more likely to strongly agree on homeownership as the best long-term investment across all quantiles. This is consistent with the view that females are risk averse as compared to males and homeownership has historically been a safe investment. However, our results is in contrast to Bracha and Jamison (2012), where they find that females are more uncertain about the financial gain from buying a house. Higher education has a negative effect on positive opinion about homeownership. The negative post- bachelors coefficient indicates that an individual with a post-bachelors degree (relative to HS and below education) will be less willing to strongly agree that homeownership is the best long-term investment. Similarly, individuals with bachelors or below bachelors education will be less likely to positively view the investment benefits of homeownership. Negative effect of higher education on home ownership is also reported in Bracha and Jamison (2012) 23