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Homeownership, housing capital gains and self-employment

Author

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  • Harding, John P.
  • Rosenthal, Stuart S.
Abstract
This paper measures the impact of individual-level housing capital gains on transitions into and out of self-employment. Drawing on special features of the 1985–2013 American Housing Survey (AHS) panel, our most robust models control for recent expenditures on home maintenance, MSA-by-year fixed effects, lagged proxies for wealth and other household attributes. Net of home maintenance, a 20% real increase in home value over a two-year period raises the likelihood of entry into self-employment by roughly 1.5 percentage points; housing capital losses have little effect on exits. Controlling for house fixed effects, self-employed homeowners are also more likely to hold a HELOC, facilitating easy, low-cost access to home equity that could be used to cover business expenses. These and other estimates suggest that links between homeownership and self-employment are strong enough to be important when home prices are rising rapidly, but modest when housing capital gains are limited or negative.

Suggested Citation

  • Harding, John P. & Rosenthal, Stuart S., 2017. "Homeownership, housing capital gains and self-employment," Journal of Urban Economics, Elsevier, vol. 99(C), pages 120-135.
    • Handle: RePEc:eee:juecon:v:99:y:2017:i:c:p:120-135
    DOI: 10.1016/j.jue.2016.12.005
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    Cited by:

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    6. Wan Li & Bindong Sun & Shuaishuai Han & Xiaoxi Jin, 2023. "Does Urban Agglomeration Discourage Entrepreneurship in China? Micro-Empirical Evidence from China," Land, MDPI, vol. 12(1), pages 1-14, January.
    7. Hassan F. Gholipour, 2020. "Urban house prices and investments in small and medium-sized industrial firms: Evidence from provinces of Iran," Urban Studies, Urban Studies Journal Limited, vol. 57(16), pages 3347-3362, December.
    8. Liu, Shimeng & Zhang, Sisi, 2021. "Housing wealth changes and entrepreneurship: Evidence from urban China," China Economic Review, Elsevier, vol. 69(C).
    9. Taejun Lim, 2018. "Housing as Collateral, Financial Constraints, and Small Businesses," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 30, pages 68-85, October.
    10. Atalay, Kadir & Edwards, Rebecca, 2022. "House prices, housing wealth and financial well-being," Journal of Urban Economics, Elsevier, vol. 129(C).
    11. Aymeric Bellon & J. Anthony Cookson & Erik P. Gilje & Rawley Z. Heimer, 2020. "Personal Wealth and Self-Employment," NBER Working Papers 27452, National Bureau of Economic Research, Inc.
    12. Jackson, Paul & Madison, Florian, 2022. "Entrepreneurial finance and monetary policy," European Economic Review, Elsevier, vol. 141(C).
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    15. Mingzhi Hu & Xiaoshuang Li, 2022. "The reasons that younger homeowners are less likely to become entrepreneurs: The role of capital constraints," Journal of Regional Economics, Anser Press, vol. 1(1), pages 68-82, December.
    16. Naqun Huang & Jing Li & Amanda Ross, 2022. "Housing wealth shocks, home equity withdrawal, and the claiming of Social Security retirement benefits," Economic Inquiry, Western Economic Association International, vol. 60(2), pages 620-644, April.
    17. Kerr, Sari Pekkala & Kerr, William R. & Nanda, Ramana, 2022. "House prices, home equity and entrepreneurship: Evidence from U.S. census micro data," Journal of Monetary Economics, Elsevier, vol. 130(C), pages 103-119.
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    More about this item

    Keywords

    Self-employment; Homeownership; Housing capital gains; Mortgage;
    All these keywords.

    JEL classification:

    • J2 - Labor and Demographic Economics - - Demand and Supply of Labor
    • R2 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis
    • M2 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics

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