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Mortgage subsidies, homeownership, and marriage: Effects of the VA loan program
Regional Science and Urban Economics ( IF 2.438 ) Pub Date : 2021-02-01 , DOI: 10.1016/j.regsciurbeco.2021.103650
Judith S. Ricks

This paper analyzes the effect of mortgage subsidies on homeownership and marriage. The empirical design exploits both access to the Veteran’s Administration Loan Guaranty Program and geographic variation in house prices. The results show that veterans living in one standard deviation higher house price areas had 22.7 percent higher homeownership and 8.7 percent higher marriage. These differences cannot be explained by differences in income or educational attainment. The evidence supports that reductions in the down payment constraint mattered more than the relative cost homeownership. This suggests that mortgage subsidies affect housing demand through both the homeownership and household formation channels.



中文翻译:

抵押贷款补贴,房屋所有权和婚姻:VA贷款计划的效果

本文分析了抵押贷款补贴对房屋所有权和婚姻的影响。实证设计既利用了退伍军人行政贷款担保计划,又利用了房价的地域差异。结果表明,居住在房价较高标准差地区的退伍军人的房屋拥有率提高了22.7%,婚姻率提高了8.7%。这些差异不能用收入或学历差异来解释。有证据表明,减少首付约束比对相对成本房屋所有权更为重要。这表明抵押贷款补贴通过房屋所有权和家庭形成渠道影响住房需求。

更新日期:2021-02-08
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