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Abstract
Using longitudinal data from the Panel Study of Income Dynamics (PSID) between 1984 and 2001 among only renter households in 1984, this paper looks at the relationship between length of homeownership thereafter during that period and household income in 2001. The study found that the longer the period of homeownership during the studied period, the higher future household income was by 2001. It is estimated that each year of ownership is associated with approximately 2 per cent of increase in household income and doubling the length of ownership increases household income by about 11 per cent.
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Acknowledgement
The author is grateful to Yi Yang and Dan McCue for their assistance in data construction and suggestions on statistical reporting. The author also wishes to thank the anonymous reviewers for their constructive comments and advice.