Abstract: Fluctuations in house prices generate substantial heterogeneity in the price of purchase of similar dwellings depending on the time of purchase. These differences in the price of purchase have large effects on income-net-of-housing-costs. We document these effects using the large house price fluctuations during the recent housing boom-bust in Spain. Households can mitigate these impacts through changing labour supply. Men work more subsequent to paying higher house prices at purchase , whereas the correlation of house prices and labour supply for women is driven by selection: households where women work more, buy more expensive houses

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