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Homeownership Returns, Tenure Choice and Inflation

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Author Info
Richard B. Peiser
Lawrence B. Smith
Abstract

This paper empirically investigates the impact of inflation on homeownership returns and tenure choice when the assumptions underlying the user cost of housing are modified to reflect separately the effects of unanticipated and anticipated inflation. The analysis demonstrates that when the user cost model is specified to reflect the impact of anticipated inflation on house prices, the mortgage interest rate and the capitalization rate, the returns to homeownership are lower than determined by previous user cost studies and are consistent with a reasonably efficient market. Copyright American Real Estate and Urban Economics Association.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/1540-6229.00358
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Publisher Info
Article provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.

Volume (Year): 13 (1985)
Issue (Month): 4 ()
Pages: 343-360
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Handle: RePEc:bla:reesec:v:13:y:1985:i:4:p:343-360

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  1. David Albouy, 2009. "What Are Cities Worth? Land Rents, Local Productivity, and the Capitalization of Amenity Values," NBER Working Papers 14981, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. James E. Rauch, 1991. "Productivity Gains From Geographic Concentration of human Capital: Evidence From the Cities," NBER Working Papers 3905, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Edward L. Glaeser & Joseph Gyourko & Raven E. Saks, 2005. "Urban Growth and Housing Supply," NBER Working Papers 11097, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  4. Jeremy B. Rudd, 2000. "Assessing the productivity of public capital with a locational equilibrium model," Finance and Economics Discussion Series 2000-23, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  5. Richard Deitz & Jaison R. Abel, 2008. "Have amenities become relatively more important than firm productivity advantages in metropolitan areas?," Staff Reports 344, Federal Reserve Bank of New York. [Downloadable!]
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