\begin{table}[htbp]
\centering
\footnotesize
\begin{threeparttable}
\caption{Baseline stationary equilibrium: model moments and verified comparison points}
\label{tab:moments}
\begin{tabular}{p{6.3cm}cp{6cm}}
\toprule
Moment & Model & Comparison point (source) \\
\midrule
Ownership rate, all households & 0.631 & about 0.66--0.69 (not a verified target); plateau $\approx$ 0.75 near 65 (Hou 2010) \\
Ownership rate, under 35 / 35--64 / 65+ & 0.38 / 0.73 / 0.61 & steep before 40, plateau near 65 (Hou 2010) \\
Share of households with a mortgage & 0.411 & 0.39 (SFS 2023) \\
Share of owners with a mortgage & 0.651 & -- \\
Mean net worth owners / renters, under 35 & 11.2 & median 457{,}100 / 44{,}000 $\approx$ 10.4 (SFS 2023); model median of renters $= 0$ \\
Mean gift received at entry (5-year income units) & 0.388 & about \$80{,}000 (CIBC, 2021, via Mirdamadi--Khalid 2023) \\
Share of entrants receiving a positive gift & 0.695 & 28\% of first-time buyers received gifts (same source) \\
Mean estate received at age 55--59 & 0.316 & -- \\
Median house value / annual income (owners) & 5.0 & -- \\
Mean LTV of new loans & 0.605 & -- \\
Annual rent--price ratio & 0.039 & illustrative (landlord wedge $\phi$) \\
Gini of net worth (all ages) & 0.542 & -- \\
P(child owns at 35--39 $\mid$ parent renter / owner) & 0.35 / 0.54 & children of owners more likely to own (Mirdamadi--Khalid 2023) \\
Rank--rank slope of net worth (child at 55--59 vs parent at 55--59) & 0.34 & -- \\
Aggregate mortgage debt / deposits (per age mass) & 2.47 / 4.12 & -- \\
\bottomrule
\end{tabular}
\begin{tablenotes}[flushleft]
\footnotesize
\item Model moments from results/data/baseline/summary.json (pooled cross-section of 6 periods, 1,152,000 household-periods). Comparison points are quoted from the verified sources listed in research/literature\_matrix.csv (research/literature\_review.md \S1, \S7) and are not fitted: the calibration is illustrative (Table~\ref{tab:parameters}). The young renters' median net worth is zero in the model (no liquid saving before purchase), so the median ratio is undefined; the mean ratio is reported.
\end{tablenotes}
\end{threeparttable}
\end{table}