Demographic Factors and Real House Prices
AbstractReal house prices are directly determined by the willingness of households to pay for (and willingness of builders to supply) a constant-quality house. Changes in the quantity of housing demanded will affect real prices only to the extent that the long-run housing supply schedule is positively sloped. In this paper we use 1980 census data to measure the impact of the age structure and real income per household on the willingness of households to pay for a constant quality house. Extrapolating these variables forward to 2010, we conclude that evolving demographic forces are likely to raise real house prices. not lower them.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4332.
Date of creation: Apr 1993
Date of revision:
Publication status: published as "Age, Housing Demand and Real House Prices), Regional Science and Urban Economics, Vol. 26 (1996): 465-480.
Contact details of provider:
Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Web page: http://www.nber.org
More information through EDIRC
Other versions of this item:
- Richard K. Green & Patric Hendershott, 1992. "Demographic Factors and Real House Prices," Wisconsin-Madison CULER working papers, University of Wisconsin Center for Urban Land Economic Research 92-08, University of Wisconsin Center for Urban Land Economic Research.
- Richard K. Green & Patric H. Hendershott, 1993. "Demographic Factors and Real House Prices," Working Paper 9100, USC Lusk Center for Real Estate.
- R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
- Joe Peek & James A. Wilcox, 1991.
"The Measurement and Determinants of Single-Family House Prices,"
Real Estate Economics,
American Real Estate and Urban Economics Association, vol. 19(3), pages 353-382.
- Joe Peek & James A. Wilcox, 1991. "The measurement and determinants of single-family house prices," Working Papers, Federal Reserve Bank of Boston 91-7, Federal Reserve Bank of Boston.
- Mankiw, N. Gregory & Weil, David N., 1989.
"The baby boom, the baby bust, and the housing market,"
Regional Science and Urban Economics,
Elsevier, vol. 19(2), pages 235-258, May.
- N. Gregory Mankiw & David N. Weil, 1988. "The Baby Boom, The Baby Bust, and the Housing Market," NBER Working Papers 2794, National Bureau of Economic Research, Inc.
- Bartik, Timothy J, 1987. "The Estimation of Demand Parameters in Hedonic Price Models," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 95(1), pages 81-88, February.
- James N. Brown & Harvey S. Rosen, 1982.
"On the Estimation of Structural Hedonic Price Models,"
NBER Technical Working Papers
0018, National Bureau of Economic Research, Inc.
- Brown, James N & Rosen, Harvey S, 1982. "On the Estimation of Structural Hedonic Price Models," Econometrica, Econometric Society, Econometric Society, vol. 50(3), pages 765-68, May.
- Topel, Robert H & Rosen, Sherwin, 1988. "Housing Investment in the United States," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 96(4), pages 718-40, August.
- Christensen, Laurits R & Jorgenson, Dale W & Lau, Lawrence J, 1975. "Transcendental Logarithmic Utility Functions," American Economic Review, American Economic Association, vol. 65(3), pages 367-83, June.
- Ohtake, F. & Shintani, M., 1995.
"The Effects of Demographics on the Japanese Housing Market,"
ISER Discussion Paper
0391, Institute of Social and Economic Research, Osaka University.
- Ohtake, Fumio & Shintani, Mototsugu, 1996. "The effect of demographics on the Japanese housing market," Regional Science and Urban Economics, Elsevier, vol. 26(2), pages 189-201, April.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If references are entirely missing, you can add them using this form.