We document the evolution of homeownership rate across various age groups for the period 1995–2015. We find that variations in the homeownership rates are relatively large for the young, which is mostly driven by renter-to-owner transitions. In order to explain these empirical facts, we consider a life-cycle model featuring housing tenure decisions. Housing is modeled as an indivisible and lumpy investment subject to both loan-to-value (LTV) and debt-to-income (DTI) credit constraints and transaction fees. Our analysis suggests that variations in the DTI limit play a crucial role in accounting for the uneven behavior across age groups.

中文翻译：

---

房屋所有权和住房过渡：解释人口构成

我们记录了1995-2015年间各个年龄段的房屋拥有率的变化。我们发现，年轻人的房屋拥有率变化较大，这主要是由房客向房主过渡所致。为了解释这些经验事实，我们考虑一个以住房使用权决定为特征的生命周期模型。住房被建模为不可分割且块状的投资，受贷款对价值（LTV）和债务对收入（DTI）信贷约束以及交易费用的约束。我们的分析表明，DTI限值的变化在解释各个年龄段行为不均方面起着至关重要的作用。