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Description:
Cross-country differences in homeownership rates are large and persistent over time, with homeownership rates ranging from 44% in Switzerland to 83% in Spain. This paper investigates whether cultures-defined as behavioral attitudes passed across generations-may value homeownership differently, and could thus be a driving demand factor of the homeownership decision. To isolate the effect of cultural preferences regarding homeownership from the impact of other economic factors, we investigate second-generation immigrants' homeownership decisions in the United States between 1994 and 2017. Our findings indicate that cultural preferences for homeownership are persistent, transmitted between generations, and substantially influence the rent-versus-buy decision.