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Explaining Intermetropolitan Variation in Housing Prices, Rents and Land Prices

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  • Michael J. Potepan
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    Abstract

    In attempting to explain why housing prices, rents and urban land prices vary so dramatically between U.S. metropolitan areas, a simple model of a metropolitan housing market is presented identifying three interrelated submarkets. Estimating equations for rent, housing prices and urban land prices are identified and estimated using two-stage least squares. The empirical results provide strong support for the theoretical model concerning how these three submarkets interact. The results also suggest that household income and construction costs are the most important factors causing housing prices, rents and land prices to vary between metropolitan areas. 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): 24 (1996)
    Issue (Month): 2 ()
    Pages: 219-245

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    Handle: RePEc:bla:reesec:v:24:y:1996:i:2:p:219-245

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    Cited by:
    1. Rena Sivitanidou, 1999. "Office Rent Processes: The Case of U.S. Metropolitan Markets," Working Paper 8664, USC Lusk Center for Real Estate.
    2. Changrong Deng & Yongkai Ma & Yao-Min Chiang, 2009. "The Dynamic Behavior of Chinese Housing Prices," International Real Estate Review, Asian Real Estate Society, vol. 12(2), pages 121-134.
    3. Wu, JunJie, 2014. "Public open-space conservation under a budget constraint," Journal of Public Economics, Elsevier, vol. 111(C), pages 96-101.
    4. Oliver Bischoff, 2010. "Explaining Regional Variation in Equilibrium Real Estate Prices and Income," Working Papers 036, Chair for Economic Policy, University of Hamburg.
    5. Du, Hongyan & Ma, Yongkai & An, Yunbi, 2011. "The impact of land policy on the relation between housing and land prices: Evidence from China," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(1), pages 19-27, February.
    6. Tom Kauko & Roland Goetgeluk, 2005. "Spatial and multidimensional analysis of the Dutch housing market using the Kohonen Map and GIS," ERSA conference papers ersa05p91, European Regional Science Association.
    7. Taltavull de La Paz, Paloma, 2000. "Determinant Of Housing Prices In Spanish'S Urban Areas," ERSA conference papers ersa00p258, European Regional Science Association.

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