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Price discrimination in the housing market

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  • Ihlanfeldt, Keith
  • Mayock, Tom

Abstract

There is little credible evidence on whether price discrimination exists in the housing market. Using a large sample of single-family home sales from Florida where both the race of the seller and buyer are known, we present evidence using the traditional and Harding et al. [HRS, Harding, J.P., Rosenthal, S., Sirmans, D.F., 2003. Establishing bargaining power in the market for existing homes. The Review of Economics and Statistics 85, (1) 178-188] approaches to empirical estimation. Omitted variable bias is found to plague the traditional approach. Results from following the HRS approach indicate that price discrimination exists by whites and Hispanics against blacks and Asians. Price discrimination against blacks is restricted to non-majority black neighborhoods and is smaller in magnitude in neighborhoods containing younger and more educated homeowners.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Urban Economics.

Volume (Year): 66 (2009)
Issue (Month): 2 (September)
Pages: 125-140

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Handle: RePEc:eee:juecon:v:66:y:2009:i:2:p:125-140

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Web page: http://www.elsevier.com/locate/inca/622905

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Keywords: Price discrimination Housing markets;

References

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  1. Donald Haurin & Christopher Herbert & Stuart Rosenthal, 2007. "Homeownership Gaps Among Low-Income and Minority Households," Working Papers 07-02, Ohio State University, Department of Economics.
  2. King, A Thomas & Mieszkowski, Peter, 1973. "Racial Discrimination, Segregation, and the Price of Housing," Journal of Political Economy, University of Chicago Press, vol. 81(3), pages 590-606, May-June.
  3. Myers, Caitlin Knowles, 2004. "Discrimination and neighborhood effects: understanding racial differentials in US housing prices," Journal of Urban Economics, Elsevier, vol. 56(2), pages 279-302, September.
  4. Black, Dan A, 1995. "Discrimination in an Equilibrium Search Model," Journal of Labor Economics, University of Chicago Press, vol. 13(2), pages 309-33, April.
  5. Chambers, Daniel N., 1992. "The racial housing price differential and racially transitional neighborhoods," Journal of Urban Economics, Elsevier, vol. 32(2), pages 214-232, September.
  6. Ihlanfeldt, Keith R., 2004. "The Use of an Econometric Model for Estimating Aggregate Levels of Property Tax Assessment Within Local Jurisdictions," National Tax Journal, National Tax Association, vol. 57(1), pages 7-23, March.
  7. Schafer, Robert, 1979. "Racial discrimination in the Boston housing market," Journal of Urban Economics, Elsevier, vol. 6(2), pages 176-196, April.
  8. John Yinger, 1978. "The Black-White Price Differential in Housing: Some Further Evidence," Land Economics, University of Wisconsin Press, vol. 54(2), pages 187-206.
  9. Kiel, Katherine A. & Zabel, Jeffrey E., 1996. "House Price Differentials in U.S. Cities: Household and Neighborhood Racial Effects," Journal of Housing Economics, Elsevier, vol. 5(2), pages 143-165, June.
  10. John Yinger, 1998. "Evidence on Discrimination in Consumer Markets," Journal of Economic Perspectives, American Economic Association, vol. 12(2), pages 23-40, Spring.
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Cited by:
  1. Patrick Bayer & Marcus D. Casey & Fernando Ferreira & Robert McMillan, 2012. "Estimating Racial Price Differentials in the Housing Market," NBER Working Papers 18069, National Bureau of Economic Research, Inc.
  2. Keith Ihlanfeldt & Tom Mayock, 2012. "Information, Search, and House Prices: Revisited," The Journal of Real Estate Finance and Economics, Springer, vol. 44(1), pages 90-115, January.

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