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- Title
Does Homeownership Prolong the Duration of Unemployment?
- Authors
Taşkın, Ahmet Ali; Yaman, Fırat
- Abstract
We examine the effects of homeownership on individuals' unemployment durations. An unemployment spell can terminate with a job or with nonparticipation. The endogeneity of homeownership is addressed by estimating a full maximum likelihood function jointly modeling the competing hazards and the probability of being a homeowner. Unobserved factors contributing to the probability of being a homeowner are allowed to be correlated with unobservable heterogeneity in the hazard rates. Not controlling for ownership selection, there is neither a significant difference in the job‐finding hazard nor in the nonparticipation hazard of unemployed owners and renters. If we jointly model the ownership selection, we find that unemployed homeowners are more likely to find a job than renters.
- Subjects
HOME ownership; DURATION of unemployment; HOMEOWNERS; PROPORTIONAL hazards models; MAXIMUM likelihood statistics
- Publication
Real Estate Economics, 2019, Vol 47, Issue 3, p845
- ISSN
1080-8620
- Publication type
Article
- DOI
10.1111/1540-6229.12173