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The Suburban Housing Market: Effects of City and Suburban Employment Growth

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  • Richard Voith

Abstract

Using a data set of over 88,000 housing sales, we find that city employment growth has a significant positive effect on suburban house values; this effect is largest for housing closest to the central business district and declines with increasing distance from it. City employment growth has a negative effect on the rate of suburban house construction; the magnitude of the effect increases with distance. Suburban employment growth has little aggregate effect on house prices, and there is less variation by distance. Suburban growth has a significant effect on construction rates, especially at locations near the urban fringe.

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  • Richard Voith, 1999. "The Suburban Housing Market: Effects of City and Suburban Employment Growth," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 27(4), pages 621-648, December.
    • Handle: RePEc:bla:reesec:v:27:y:1999:i:4:p:621-648
    DOI: 10.1111/1540-6229.00786
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    Cited by:

    1. Markus K. Brunnermeier & Christian Julliard, 2008. "Money Illusion and Housing Frenzies," The Review of Financial Studies, Society for Financial Studies, vol. 21(1), pages 135-180, January.
    2. Agnew, Kerri & Lyons, Ronan C., 2018. "The impact of employment on housing prices: Detailed evidence from FDI in Ireland," Regional Science and Urban Economics, Elsevier, vol. 70(C), pages 174-189.
    3. Elio H Londero, 2004. "Measuring Benefits, Tracing Distributional Effects, and Affecting Distributional Outcomes," Public Economics 0407011, University Library of Munich, Germany.
    4. Marco Helbich, 2015. "Do Suburban Areas Impact House Prices?," Environment and Planning B, , vol. 42(3), pages 431-449, June.
    5. Marion Kohler & Kylie Smith, 2005. "Housing and the Household Wealth Portfolio: The Role of Location," RBA Research Discussion Papers rdp2005-10, Reserve Bank of Australia.
    6. Osland, Liv & Thorsen, Inge, 2007. "Predicting housing prices at alternative locations and in alternative scenarios of the spatial job distribution," Working Papers in Economics 16/07, University of Bergen, Department of Economics.
    7. Liv Osland & Inge Thorsen, 2009. "Predicting housing prices at alternative locations and under alternative scenarios of the spatial job distribution," Letters in Spatial and Resource Sciences, Springer, vol. 2(2), pages 133-147, October.
    8. Luca Stanca, 2008. "Le determinanti dei prezzi delle abitazioni: aspetti microeconomici," Working Papers 143, University of Milano-Bicocca, Department of Economics, revised Jul 2008.
    9. Richard Voith, 1996. "The suburban housing market: the effects of city and suburban job growth," Business Review, Federal Reserve Bank of Philadelphia, issue Nov, pages 13-25.
    10. Robert T. Greenbaum & John B. Engberg, 2004. "The impact of state enterprise zones on urban manufacturing establishments," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 23(2), pages 315-339.
    11. Sofia Dermisi, 2005. "Attracting redevelopment in “inner-ring” municipalities of U.S. metropolitan areas – focusing on Los Angeles and Boston," Urban/Regional 0509008, University Library of Munich, Germany.
    12. Brian E. Whitacre & David Shideler & Randi Williams, 2016. "Do Incentive Programs Cause Growth? The Case of the Oklahoma Quality Jobs Program and Community-Level Economic Growth," Economic Development Quarterly, , vol. 30(1), pages 62-74, February.
    13. Taltavull de La Paz, Paloma, 2000. "Determinant Of Housing Prices In Spanish'S Urban Areas," ERSA conference papers ersa00p258, European Regional Science Association.
    14. Baum-Snow, Nathaniel & Kahn, Matthew E., 2000. "The effects of new public projects to expand urban rail transit," Journal of Public Economics, Elsevier, vol. 77(2), pages 241-263, August.
    15. Joseph Gyourko & Richard Voith, 1997. "Does the U.S. tax treatment of housing promote suburbanization and central city decline?," Working Papers 97-13, Federal Reserve Bank of Philadelphia.

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