Table 5.
Logistic regression results using country-specific fixed effects and macroeconomic variables
| (1) | (2) | (3) | (4) | |||||
|---|---|---|---|---|---|---|---|---|
| Men | Men | Men | Men | |||||
| Coef | SE | Coef | SE | Coef | SE | Coef | SE | |
| Parents homeowner [age 10; main effect (Netherlands)] | 0.01 | 0.06 | 0.41*** | 0.06 | 0.46* | 0.28 | 0.38** | 0.16 |
| Parents homeowner (age 10) * Sweden | −0.25* | 0.15 | −0.31** | 0.13 | −0.29* | 0.18 | −0.45* | 0.25 |
| Parents homeowner (age 10) * Denmark | −0.04 | 0.11 | −0.01 | 0.12 | −0.01 | 0.07 | 0.01 | 0.13 |
| Parents homeowner (age 10) * Germany | −0.31* | 0.18 | −0.08 | 0.14 | −0.10 | 0.16 | −0.01 | 0.22 |
| Parents homeowner (age 10) * Switzerland | −0.23 | 0.16 | 0.15 | 0.13 | 0.01 | 0.15 | −0.18 | 0.18 |
| Parents homeowner (age 10) * France | −0.28*** | 0.06 | −0.23*** | 0.06 | −0.22*** | 0.05 | −0.16 | 0.16 |
| Parents homeowner (age 10) * Belgium | −0.17*** | 0.05 | −0.12 | 0.09 | −0.11 | 0.11 | 0.00 | 0.15 |
| Parents homeowner (age 10) * Italy | −0.19*** | 0.04 | −0.10 | 0.08 | −0.14 | 0.12 | 0.00 | 0.11 |
| Parents homeowner (age 10) * Spain | −0.37*** | 0.06 | −0.32*** | 0.06 | −0.28*** | 0.07 | −0.11 | 0.14 |
| Parents homeowner (age 10) * Greece | −0.46*** | 0.15 | −0.05 | 0.19 | −0.18 | 0.21 | −0.18 | 0.24 |
| Sweden | 0.47*** | 0.18 | 0.53*** | 0.17 | 0.46** | 0.20 | 0.31 | 0.25 |
| Denmark | 0.74*** | 0.12 | 0.71*** | 0.14 | 0.70*** | 0.13 | 0.41** | 0.21 |
| Germany | −0.51*** | 0.11 | −0.72*** | 0.09 | −0.72*** | 0.12 | −0.81*** | 0.17 |
| Switzerland | −0.39** | 0.19 | −0.76*** | 0.17 | −0.51** | 0.25 | −0.49* | 0.27 |
| France | 0.19*** | 0.07 | 0.14 | 0.09 | 0.12 | 0.13 | −0.35** | 0.17 |
| Belgium | 0.23** | 0.12 | 0.19 | 0.15 | 0.19 | 0.18 | −0.56 | 0.39 |
| Italy | 0.04 | 0.07 | −0.04 | 0.08 | 0.04 | 0.15 | −0.99*** | 0.26 |
| Spain | 0.62*** | 0.13 | 0.58*** | 0.09 | 0.52*** | 0.09 | −0.81* | 0.44 |
| Greece | 0.62*** | 0.21 | 0.25 | 0.19 | 0.37 | 0.26 | −0.96** | 0.44 |
| House price-to-GDP ratio (per country and period) | −0.04*** | 0.01 | ||||||
| Parents homeowner (age 10) * house price-to-GDP ratio | 0.04*** | 0.01 | ||||||
| GDP (× 1000 current USD per country and period) | 0.01*** | 0.00 | ||||||
| Parents homeowner (age 10) * GDP (×1000) | −0.01*** | 0.00 | ||||||
| Maximum loan-to-value ratio (per country and period) | 0.00 | 0.00 | ||||||
| Parents homeowner (age 10) * maximum loan-to-value ratio | 0.00 | 0.00 | ||||||
| Homeownership rates (% per country and period) | 0.03** | 0.01 | ||||||
| Parents homeowner (age 10) * homeownership growth | 0.00* | 0.00 | ||||||
| Observed N person-years | 177,553 | 177,553 | 166,936 | 84,752 | ||||
| Observed calendar years | 1965–2009 | 1965–2009 | 1965–2009 | 1965–2009 | ||||
| Number of clusters | 47 | 47 | 47 | 60 | ||||
| Pseudo-R 2 | 0.11 | 0.11 | 0.11 | 0.14 | ||||
| Model Chi-square | 11,900 | 12,948 | 10,511 | 5417 | ||||
| (5) | (6) | (7) | (8) | |||||
|---|---|---|---|---|---|---|---|---|
| Women | Women | Women | Women | |||||
| Coef | SE | Coef | SE | Coef | SE | Coef | SE | |
| Parents homeowner [age 10; main effect (Netherlands)] | 0.00 | 0.05 | 0.31*** | 0.03 | 0.56** | 0.22 | 0.06 | 0.10 |
| Parents homeowner (age 10) * Sweden | −0.04 | 0.05 | −0.08 | 0.07 | −0.05 | 0.05 | 0.03 | 0.11 |
| Parents homeowner (age 10) * Denmark | 0.12*** | 0.04 | 0.15*** | 0.04 | 0.15** | 0.06 | 0.25*** | 0.07 |
| Parents homeowner (age 10) * Germany | −0.28*** | 0.10 | −0.10 | 0.07 | −0.11 | 0.10 | 0.07 | 0.14 |
| Parents homeowner (age 10) * Switzerland | −0.18*** | 0.06 | 0.12** | 0.06 | −0.04 | 0.04 | 0.01 | 0.15 |
| Parents homeowner (age 10) * France | −0.21*** | 0.05 | −0.16*** | 0.04 | −0.14** | 0.06 | 0.06 | 0.08 |
| Parents homeowner (age 10) * Belgium | −0.08** | 0.04 | −0.04 | 0.05 | −0.03 | 0.07 | 0.05 | 0.07 |
| Parents homeowner (age 10) * Italy | −0.14 | 0.09 | −0.06 | 0.05 | −0.15 | 0.10 | 0.03 | 0.05 |
| Parents homeowner (age 10) * Spain | −0.42*** | 0.05 | −0.37*** | 0.06 | −0.33*** | 0.06 | −0.15 | 0.10 |
| Parents homeowner (age 10) * Greece | −0.20 | 0.15 | 0.12 | 0.18 | −0.01 | 0.19 | 0.43** | 0.21 |
| Sweden | 0.29*** | 0.09 | 0.33*** | 0.09 | 0.27*** | 0.10 | 0.12 | 0.19 |
| Denmark | 0.47*** | 0.07 | 0.44*** | 0.08 | 0.42*** | 0.08 | 0.31** | 0.15 |
| Germany | −0.56*** | 0.09 | −0.74*** | 0.09 | −0.73*** | 0.11 | −0.89*** | 0.13 |
| Switzerland | −0.56*** | 0.13 | −0.86*** | 0.14 | −0.60*** | 0.14 | −0.75*** | 0.21 |
| France | 0.11 | 0.08 | 0.07 | 0.09 | 0.04 | 0.13 | −0.27* | 0.14 |
| Belgium | 0.26*** | 0.08 | 0.22** | 0.10 | 0.22* | 0.12 | −0.08 | 0.26 |
| Italy | 0.10 | 0.11 | 0.04 | 0.06 | 0.12 | 0.10 | −0.34 | 0.25 |
| Spain | 0.74*** | 0.11 | 0.70*** | 0.08 | 0.65*** | 0.07 | 0.16 | 0.48 |
| Greece | 0.35** | 0.18 | 0.05 | 0.17 | 0.16 | 0.21 | −0.50 | 0.37 |
| House price-to-GDP ratio (per country and period) | −0.03*** | 0.01 | ||||||
| Parents homeowner (age 10) * house price-to-GDP ratio | 0.03*** | 0.01 | ||||||
| GDP (×1000 current USD per country and period) | 0.01*** | 0.00 | ||||||
| Parents homeowner (age 10) * GDP (×1000) | −0.01*** | 0.00 | ||||||
| Maximum loan-to-value ratio (per country and period) | 0.00 | 0.00 | ||||||
| Parents homeowner (age 10) * maximum loan-to-value ratio | 0.00 | 0.00 | ||||||
| Homeownership rates (% per country and period) | 0.01 | 0.01 | ||||||
| Parents homeowner (age 10) * homeownership growth | 0.00 | 0.00 | ||||||
| Observed N person-years | 199,999 | 199,999 | 189,348 | 99,133 | ||||
| Observed calendar years | 1965–2009 | 1965–2009 | 1965–2009 | 1965–2009 | ||||
| Number of clusters | 47 | 47 | 47 | 60 | ||||
| Pseudo-R 2 | 0.11 | 0.11 | 0.11 | 0.12 | ||||
| Model Chi-square | 71,104 | 82,777 | 59,208 | 5753 | ||||
Robust standard errors are corrected for the clustering of respondents in country–period combinations. Extra variables that are controlled for: parent’s job at age 10, degree of urbanization, current or last job, employment status, years in labor market, education, age, marital status and number of children. These results can be obtained from the authors. The number of observations is lower for these specifications—compared to Table 4—because we only included those individuals for whom the macro-level variables are available. For most specifications, three clusters are missing, which are Denmark, Sweden and Switzerland for the period after 2000. For specifications (4) and (8), individuals are only included if ‘homeownership rate at age 10’ was known. We need this variable to calculate the homeownership growth rate
* p < 0.10; ** p < 0.05; *** p < 0.01