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A Panel of Price Indices for Housing, Other Goods, and All Goods for All Areas in the United States 1982-2008

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Author Info

  • Edgar O. Olsen

    ()

  • Dirk W. Early

    ()

  • Paul E. Carrillo

    ()

Abstract

This paper produces a panel of price indices for housing, other produced goods, and all produced goods for each metropolitan area in the United States and the non-metropolitan part of each state from 1982 through 2008 that can be used for estimating behavioral relationships, studying the workings of markets, and assessing differences in the economic circumstances of people living in different areas. Our general approach is to first produce cross-sectional price indices for a single year 2000 and then use BLS time-series price indices to create the panel. Our geographic housing price index for 2000 is based on a large data set with detailed information about the characteristics of dwelling units and their neighborhoods throughout the United States that enables us to overcome many shortcomings of existing interarea housing price indices. For most areas, our price index for all goods other than housing is calculated from the price indices for categories of non-housing goods produced each quarter by the Council for Community and Economic Research. In order to produce a non-housing price index for areas of the United States not covered by their index, we estimate a theoretically-based regression model explaining differences in the composite price index for non-housing goods for areas where it is available and use it to predict a price of other goods for the uncovered areas. The overall consumer price index for all areas is based on the preceding estimates of the price of housing and other goods. The paper also discusses existing interarea price indices available to researchers, and it compares the new housing price index with housing price indices based on alternative methods using the same data and price indices based on alternative data sets. Electronic versions of the price indices are available online.

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File URL: http://www.virginia.edu/economics/RePEc/vir/virpap/papers/virpap377.pdf
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Bibliographic Info

Paper provided by University of Virginia, Department of Economics in its series Virginia Economics Online Papers with number 377.

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Length: 69 pages
Date of creation: Dec 2010
Date of revision:
Handle: RePEc:vir:virpap:377

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Web page: http://www.virginia.edu/economics/home.html

Related research

Keywords: Interarea price indices; interarea housing price indices; geographic cost-of-living differences; geographic price differences;

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References

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  1. Thomas G. Thibodeau, 1989. "Housing Price Indexes from the 1974-1983 SIMSA Annual Housing Surveys," Real Estate Economics, American Real Estate and Urban Economics Association, American Real Estate and Urban Economics Association, vol. 17(1), pages 100-117.
  2. Edgar O. Olsen, 2001. "Housing Programs for Low-Income Households," NBER Working Papers 8208, National Bureau of Economic Research, Inc.
  3. Dean Jolliffe, 2006. "Poverty, Prices, and Place: How Sensitive is the Spatial Distribution of Poverty to Cost of Living Adjustments?," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 44(2), pages 296-310, April.
  4. Jahyeong Koo & Keith Phillips & Fiona Sigalla, 1997. "Measuring regional cost of living," Working Papers, Federal Reserve Bank of Dallas 9713, Federal Reserve Bank of Dallas.
  5. Stuart A. Gabriel & Stuart S. Rosenthal, 2004. "Quality of the Business Environment Versus Quality of Life: Do Firms and Households Like the Same Cities?," The Review of Economics and Statistics, MIT Press, vol. 86(1), pages 438-444, February.
  6. David Y. Albouy, 2008. "The Unequal Geographic Burden of Federal Taxation," NBER Working Papers 13995, National Bureau of Economic Research, Inc.
  7. Stephen Malpezzi & Gregory Chun & Richard Green, 1996. "New Place to Place Housing Price Indexes for U.S. Metropolitan Areas, and Their Determinants: An Application of Housing Indicators," Wisconsin-Madison CULER working papers, University of Wisconsin Center for Urban Land Economic Research 96-07, University of Wisconsin Center for Urban Land Economic Research.
  8. Gyourko, Joseph & Tracy, Joseph, 1991. "The Structure of Local Public Finance and the Quality of Life," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 99(4), pages 774-806, August.
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Cited by:
  1. Edgar O. Olsen & Jeffrey M. Tebbs, 2011. "The Effect on Program Participation of Replacing Current Low-Income Housing Programs with an Entitlement Housing Voucher Program," Virginia Economics Online Papers, University of Virginia, Department of Economics 378, University of Virginia, Department of Economics.

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