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Originally Posted by SFLRN  The inefficiency is more likely to be related to factors other than fear of old age poverty. |
Have a look at international differences in home ownership rates. In general, it is countries with stunted social welfare provision that have higher rates. Of course that is insufficient for proof. However, it certainly is consistent with the hypothesis
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It also provides a number of non-pecuniary benefits to familiies.
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A study here (I'll have to try and dig it out if you're interested) found higher mental illness amongst home owners. That wouldn't be consistent with the non-pecuniary benefits angle.
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The level of home ownership is also very much determined by the layout of where one lives (New York City, Paris, Berlin, London, vs. rural areas of the United State's South, the Midwest, and others).
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There certainly are regional differences. However, in countries with high general home ownership, I'd suggest that house price bubbles that hinder the supply of first time buyers are a significant determinant of those