# RDP 2017-05: The Property Ladder after the Financial Crisis: The First Step is a Stretch but Those Who Make It Are Doing OK Equation (3)

$1 N ∑ i=1 N ( ∑ k=1 5 ( 1[ hhd y it+k ≤0.8hhd y it ] ) ) MathType@MTEF@5@5@+=feaagCart1ev2aaatCvAUfeBSjuyZL2yd9gzLbvyNv2CaerbuLwBLnhiov2DGi1BTfMBaeXatLxBI9gBaerbd9wDYLwzYbItLDharqqtubsr4rNCHbGeaGqiVu0Je9sqqrpepC0xbbL8F4rqqrFfpeea0xe9Lq=Jc9vqaqpepm0xbba9pwe9Q8fs0=yqaqpepae9pg0FirpepeKkFr0xfr=xfr=xb9adbaqaaeGaciGaaiaabeqaamaabaabaaGcbaWaaSaaaeaacaaIXaaabaGaamOtaaaadaaeWbqaamaabmaabaWaaabCaeaadaqadaqaaiaaigdadaWadaqaaiaadIgacaWGObGaamizaiaadMhadaWgaaWcbaGaamyAaiaadshacqGHRaWkcaWGRbaabeaakiabgsMiJkaaicdacaGGUaGaaGioaiaadIgacaWGObGaamizaiaadMhadaWgaaWcbaGaamyAaiaadshaaeqaaaGccaGLBbGaayzxaaaacaGLOaGaayzkaaaaleaacaWGRbGaeyypa0JaaGymaaqaaiaaiwdaa0GaeyyeIuoaaOGaayjkaiaawMcaaaWcbaGaamyAaiabg2da9iaaigdaaeaacaWGobaaniabggHiLdaaaa@5A42@$