Source: Luxembourg Income Study (LIS). Part of the change reflects a household’s preference for homeownership relative to other tenures which, in turn, is influenced by policies that influence households’ tenure choice (e.g. housing taxation, rental regulations). Another part of this change reflects purely demographic and socio-economic developments. For instance, the probability of homeownership tends to increase with age; thus it is likely that the aggregate homeownership rate would have increased in OECD countries - even if nothing else changed - due to population ageing.