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The housing channel of intergenerational wealth persistence

Author

Listed:
  • Ella Getz Wold
  • Knut Are Aastveit
  • Eirik Eylands Brandsaas
  • Ragnar Enger Juelsrud
  • Gisle James Natvik

Abstract

We use Norwegian micro data and a life-cycle model with housing to study how wealth transmits across generations through the housing market. A mediation analysis reveals large housing gaps based on parental wealth. A shift-share IV-analysis using stock market returns supports a causal interpretation. Using the timing of intra-family deaths, we further show that housing outcomes when young are important determinants of later-in-life wealth. Nearly 15% of intergenerational wealth persistence occurs through the housing market, making housing equally important as the combined impact of parental wealth via a broad range of offspring characteristics, including income and education.

Suggested Citation

  • Ella Getz Wold & Knut Are Aastveit & Eirik Eylands Brandsaas & Ragnar Enger Juelsrud & Gisle James Natvik, 2024. "The housing channel of intergenerational wealth persistence," Working Papers 06/2024, Centre for Household Finance and Macroeconomic Research (HOFIMAR), BI Norwegian Business School.
    • Handle: RePEc:bbq:wpaper:0013
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    File URL: https://hdl.handle.net/11250/3153193
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