Housing%20Tenure%20and%20Housing%20Demand%20in%20Colombia

Working Papers

Housing Tenure and Housing Demand in Colombia


CODE: IDB-WP-259
AUTHOR(s): Arbelaez, Maria Angelica , Becerra, Alejandro , Steiner, Roberto , Wills, Daniel
PUBLISHED: October 2011
LANGUAGE: English
RELATED TOPICS: Poverty Reduction and Labor
DOWNLOAD FILE IN: English

Abstract:

Using the 2003 and 2008 Quality of Life Surveys, this paper identifies the factors that affect housing tenure decisions in Colombia. Households with higher incomes are more likely to purchase than to rent, and the choice of formal housing is positively associated with wealth. Households eligible for social housing subsidies are more likely to purchase than to rent, and those working in the informal sector are more likely to purchase informal dwellings. Subsidies and access to mortgage credit increase demand. Finally, savings boosted demand in 2008, but not in 2003. Pent-up demand for low-income housing explains why both subsidies and credit increase demand.

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