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    Determinants of Tenure Choice in Japan: What Makes You a Homeowner?

    Aizawa, Toshiaki; Helble, Matthias | December 2016
    Abstract
    Despite Japan’s highly developed housing market, little is known about the determinants of renter-to-homeowner tenure transition. Exploiting the Japanese longitudinal household data of the Keio Household Panel Survey (2004–2013), this paper aims to close this gap. Our results show that income level and increase in family size are the strongest determinants for homeownership in Japan. We find that although both rural and urban households with higher incomes are more likely to transition to homeownership, access in rural areas is more equally distributed over various income groups. Since most of the previous empirical studies on tenure choice pay little attention to wealth as a measure of purchasing power, possibly due to data limitation, we draw attention to it and its relative levels. We find that household wealth levels matter, particularly in urban areas, whereas in rural areas homeownership is more equally distributed. Nonetheless, given the relatively low levels of household wealth among renters, our results suggest that income is a more important rminant of successful tenure transition.
    Citation
    Aizawa, Toshiaki; Helble, Matthias. 2016. Determinants of Tenure Choice in Japan: What Makes You a Homeowner?. © Asian Development Bank Institute. http://hdl.handle.net/11540/6798.
    Keywords
    Cultural Development
    Development Economics
    Development Issues
    Financial Sector Development
    Infrastructure Development
    Urban Development Finance
    Financing
    Financial System
    Financial Sector Reform
    Financial Institution
    Bank Financing
    Rural planning
    Economic development
    Economic indicators
    Standard of living
    Development projects
    Development policy
    Housing projects
    Development models
    Social reform
    Urban planning
    Public Borrowing
    Credit Policy
    Banks
    Real estate development
    Housing development
    Community banks
    Mortgage banks
    Housing policy
    Tax administration and procedure
    Real property and taxation
    Property tax
    Credit control
    Banks and banking
    Title companies
    Tax deductions
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    Citable URI
    http://hdl.handle.net/11540/6798
    Metadata
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    adbi-wp625.pdf (1.048Mb)
    Author
    Aizawa, Toshiaki
    Helble, Matthias
    Theme
    Development
    Finance
    Labor Migration
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise