Abstract
Housing prices are high in Japan, resulting in high mortgage payments. Since monthly mortgage payments cannot exceed 25% of current income, households tend to accumulate downpayments in the range of 30–45% of house value. This not only defers their entry into homeownership, but also has significant influence on the type of house eventually purchased. The objective of this study is to understand the changing access to ownership during the 1990s, with emphasis on wealth positions based on savings out of income, private transfers and bequests, and support from parents or other relatives. The source of data is the Ministry of Infrastructure, Land and Transportation survey on household home finance conducted from 1992 to 2000. The methodology employed is duration analysis, with special emphasis on the treatment of liquid asset covariates.
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