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Homeownership Returns, Tenure Choice and Inflation

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  • Richard B. Peiser
  • Lawrence B. Smith
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    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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    Bibliographic 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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    Cited by:
    1. Mark D. Partridge & Dan S. Rickman & Kamar Ali & M. Rose Olfert, 2009. "Recent Spatial Growth Dynamics in Wages and Housing Costs: Proximity to Urban Production Externalities and Consumer Amenities," Economics Working Paper Series 0906, Oklahoma State University, Department of Economics and Legal Studies in Business.
    2. Adsera, Alicia, 2000. "Sectoral spillovers and the price of land: a cost analysis," Regional Science and Urban Economics, Elsevier, vol. 30(5), pages 565-585, September.
    3. Partridge, Mark D. & Rickman, Dan S. & Ali, Kamar & Olfert, M. Rose, 2009. "Agglomeration spillovers and wage and housing cost gradients across the urban hierarchy," Journal of International Economics, Elsevier, vol. 78(1), pages 126-140, June.
    4. Albouy, David & Graf, Walter & Kellogg, Ryan & Wolff, Hendrik, 2013. "Climate Amenities, Climate Change, and American Quality of Life," IZA Discussion Papers 7339, Institute for the Study of Labor (IZA).
    5. 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.
    6. Stuart A. Gabriel & Stuart S. Rosenthal, 2000. "Quality of the Business Environment Versus Quality of Life in a Dynamic Model of Urban Composition and Growth," Working Paper 8642, USC Lusk Center for Real Estate.
    7. Edward L. Glaeser & Joseph Gyourko & Raven E. Saks, 2005. "Urban Growth and Housing Supply," NBER Working Papers 11097, National Bureau of Economic Research, Inc.
    8. Stuart A. Gabriel & Stuart Rosenthal, 2001. "Quality of Business Environment Versus Quality of Life in a Dynamic Model of Urban Composition and Growth," Working Paper 8634, USC Lusk Center for Real Estate.
    9. 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.
    10. Stuart Gabriel & Stuart S. Rosenthal, 2003. "Quality of the Business Environment Versus Quality of Life: Do Firms and Households Like the Same Cities?," Working Paper 8615, USC Lusk Center for Real Estate.
    11. LaFountain, Courtney, 2005. "Where do firms locate? Testing competing models of agglomeration," Journal of Urban Economics, Elsevier, vol. 58(2), pages 338-366, September.
    12. 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.).
    13. 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.
    14. Waggle, Doug & Johnson, Don T., 2009. "Homeownership and mixed-asset portfolio allocations," The Quarterly Review of Economics and Finance, Elsevier, vol. 49(2), pages 484-500, May.

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