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<p>Most previous studies document a negative effect of homeownership or housing wealth on labor market participation. This study focuses on the role of housing debt, measured by the loan-to-value (LTV) ratios, in affecting homeowners’ labor force participation. Using data from the China Household Finance Survey (CHFS), we find strong evidence that housing debt promotes homeowners’ labor force participation after controlling for a wide range of household demographic and socioeconomic characteristics, as well as community and year fixed effects. This finding is robust to the endogeneity issue of housing debt, the sample selection bias, and the model misspecification. We provide a possible explanation for this finding from the perspective of financial distress. Overall, this study points to a linkage between housing and labor markets and helps explain the labor supply decisions of households.</p>

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Working to maintain homeownership: housing debt and labor force participation

  • 期刊论文

  • 发表日期：

    2025年11月4日

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  • Xiaofen Yu,
  • Dingpei Hu,
  • Mingzhi Hu

摘要

Most previous studies document a negative effect of homeownership or housing wealth on labor market participation. This study focuses on the role of housing debt, measured by the loan-to-value (LTV) ratios, in affecting homeowners’ labor force participation. Using data from the China Household Finance Survey (CHFS), we find strong evidence that housing debt promotes homeowners’ labor force participation after controlling for a wide range of household demographic and socioeconomic characteristics, as well as community and year fixed effects. This finding is robust to the endogeneity issue of housing debt, the sample selection bias, and the model misspecification. We provide a possible explanation for this finding from the perspective of financial distress. Overall, this study points to a linkage between housing and labor markets and helps explain the labor supply decisions of households.