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Explaining Intermetropolitan Variation in Housing Prices, Rents and Land Prices

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  • Michael J. Potepan

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.

Suggested Citation

  • Michael J. Potepan, 1996. "Explaining Intermetropolitan Variation in Housing Prices, Rents and Land Prices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 24(2), pages 219-245.
    • Handle: RePEc:bla:reesec:v:24:y:1996:i:2:p:219-245
    DOI: 10.1111/1540-6229.00688
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