Abstract
Analysis of the responses to a nationwide survey of investors demonstrates that individuals who invest in real estate differ in a predictable way from those who invest in assets other than real estate. Two types of real estate investment vehicles are studied: income‐producing (rental) property and real estate securities. A multiple group discriminant analysis model is presented which successfully classifies prospective investors into four groups (owners of income property only, real estate securities only, both, neither) with a predictive accuracy more than double the chance probability of correct classification. The results provide insights useful in policy analysis and the design and marketing of real estate investments.
Published Version
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