Mortgage Debt and Consumption
Mortgage Debt and Consumption
Taylor J. Wilson Economist ? Bureau of Labor Statistics Consumer Expenditure Survey Division
Eastern Economic Association 26 February 2016
1 -- U.S. BUREAU OF LABOR STATISTICS ?
HOW DOES MORTGAGE DEBT INFLUENCE CONSUMER BUDGETING CONSIDERATIONS?
What is the Consumer Budget?
Consumer Budgets
Mortgage Payments Other Debt Payments Other Expenditures Taxes Savings Unreported Expenditures
3 -- U.S. BUREAU OF LABOR STATISTICS ?
3
Consumer Budgets
As a proportion of income, consumer allocations can be distributed into three categories: luxury expenditures, necessity expenditures, mortgage payments.
An assumption ? Any income which does not fall into these categories is represented by the income-expenditure gap.
What is necessity and luxury? Income Elasticity ( ):
1
4 -- U.S. BUREAU OF LABOR STATISTICS ?
Consumer Choice Theory
Income Effect
Price Effect
5 -- U.S. BUREAU OF LABOR STATISTICS ?
5
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