Abstract Previous research consistently shows that homeowners accumulate more wealth compared with tenants. In this paper, we describe the size of this ‘tenure wealth gap’ for 10 European countries. Furthermore, we explain why the size of the tenure wealth gap differs between countries by including cross-level interactions between institutional variables and housing tenure in a series of country-fixed effects regression models. Cross-country differences arise as the costs of owning versus renting, as well as the profitability of homeownership versus other investments, differ along the lines of welfare policies and housing regime arrangements. We attempt to control for selection bias related to tenure status by using propensity score matching techniques, using data from the Household Finance and Consumption Survey (HFCS). Our findings suggest that the tenure wealth gap is largest in familialistic welfare states, in which marginalised tenants are unable to save, whereas homeownership is a family resource that provides an in-kind retirement income (‘passive’ asset-based welfare). We find smaller tenure wealth gaps in countries with a financialised promotion of homeownership, where housing wealth functions as a privatised welfare arrangement (‘active’ asset-based welfare). The smallest tenure wealth gaps occur in countries with more affordable rental housing, allowing tenants to accumulate savings.

中文翻译：

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在哪些欧洲国家拥有房屋在财务上更有利？解释具有不同住房和福利制度的 10 个国家的土地权属财富差距的大小

摘要 以往的研究一致表明，与租户相比，房主积累了更多的财富。在本文中，我们描述了 10 个欧洲国家的这种“终身财富差距”的规模。此外，我们通过在一系列国家固定效应回归模型中包含制度变量和住房权属之间的跨层次相互作用来解释为什么国家之间的权属财富差距大小不同。由于拥有与租赁的成本，以及拥有房屋与其他投资的盈利能力，在福利政策和住房制度安排方面存在差异，因此跨国差异会出现。我们尝试通过使用倾向评分匹配技术，使用家庭财务和消费调查 (HFCS) 的数据来控制与权属状况相关的选择偏差。我们的研究结果表明，在家庭福利国家，终身财富差距最大，其中边缘化的租户无法储蓄，而房屋所有权是一种提供实物退休收入（“被动”基于资产的福利）的家庭资源。我们发现，在金融化促进住房所有权的国家，产权财富差距较小，在这些国家，住房财富作为一种私有化的福利安排（“积极的”基于资产的福利）。租用住房价格更便宜的国家/地区的土地使用权财富差距最小，允许租户积累储蓄。我们发现，在金融化促进住房所有权的国家，产权财富差距较小，在这些国家，住房财富作为一种私有化的福利安排（“积极的”基于资产的福利）。租用住房价格更便宜的国家/地区的土地使用权财富差距最小，允许租户积累储蓄。我们发现，在金融化促进住房所有权的国家，产权财富差距较小，在这些国家，住房财富作为一种私有化的福利安排（“积极的”基于资产的福利）发挥作用。租用住房价格更便宜的国家/地区的土地使用权财富差距最小，允许租户积累储蓄。