The authors want to thank Ambita AS for providing the transaction-level data set. The authors want to also thank Elliot Anenberg, Fabio Canova, Jan Eeckhout, Adam Guren, Ragnar Juelsrud, Karl Jack Liebersohn, Florian Sniekers, Johannes Stroebel, seminar and conference participants at BI Norwegian Business School, Norges Bank, OsloMet, Stats Norway, 2020 European Economic Association Conference, Econometric Society World Congress 2020, Urban Economics Association Conference 2020, the Bundesbank Household Finance Conference 2021, and the SAM Conference 2021 for useful comments and suggestions. This paper should not be reported as representing the views of Norges Bank. The views expressed are those of the authors and do not necessarily reflect those of Norges Bank.