Abstract
This paper aims to study the causal relationships between earnings, age, number of kids, and education level of U.S. individuals in residential real estate investments. This empirical study analyzes a total of 421,911 observations based on the interview of indi- viduals from the Survey of Income and Program Participation (SIPP). By employing the econometric techniques of binomial logit and probit models, multinomial logit model, and Tobit model on censored data, the results showed that most individuals in the U.S. are willing to invest in real estate. Interestingly, as the education level increases, people tend not to invest in real estate. However, with the increase in earnings, the number of kids, and age, people are more likely to invest in real estate.
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