Dynamic Housing Search Model Incorporating Income Changes, Housing Prices, and Life-Cycle Events

Modeling housing search behavior is a crucial component of land use modeling. Land use modeling from a specific point of view shares close ties with the transport system. As a result, housing search behavior has become an attractive research topic to travel demand modelers and continues to be a topic of interest to urban planners, geographers, and economists. This paper presents a conceptual framework for long-term decisions of household members with a specific focus on residential relocation-related decisions. The reasons for movement and timing of movement are modeled in this paper using two approaches: (1) a competing hazard formulation, and (2) a conditional hazard and discrete choice model. Australian longitudinal data are used to develop the econometric models in which income change, property value, unemployment rate change, and demographic dynamics are available. (C) 2014 American Society of Civil Engineers.