Consumption and Investment Motives in Housing Wealth Accumulation of Spanish Households

摘要: The dual motives of housing behavior, consumption and investment make the analysis purchases quite difficult. As a matter fact, while larger literature, theoretical empirical, deals with tenure choice by modeling demand, few studies have tried to analyze demand simultaneously for other assets according portfolio theory. Fewer still consider two-dimensional aspect housing, investment. Henderson Ioannides [16] built model that is one first attempts housing. In absence institutional considerations, this predicts it difference between explains decisions purchase dwellings owner occupation renting out. We tested on Spanish Survey Household Finances (EFF) conducted in 2002 Bank Spain. Results show even if effect some explanatory variables are consistent those predicted model, two demands not statistically significant cannot itself explain purchases. It seems more question choices than durable goods. Interestingly, we observe households behave different way French (Arrondel Lefebvre [3]) US (Ioannides Rosenthal [20]) households: them, behavior dominate primary residence purchase. These results lead us conclude there “Spanish case” completely need be analyzed details.