Are house prices too high in China?
This short note defines a new measurement of housing affordability in terms of permanent income. Using this new measurement, we find that housing affordability in China is very strong relative to other developed economies, although the ratio of housing prices to current income in China is much higher than those of developed nations.
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- John M. Quigley & Steven Raphael, 2004.
"Is Housing Unaffordable? Why Isn't It More Affordable?,"
Journal of Economic Perspectives,
American Economic Association, vol. 18(1), pages 191-214, Winter.
- Quigley, John M. & Raphael, Steven, 2004. "Is Housing Unaffordable? Why Isn't It More Affordable?," Berkeley Program on Housing and Urban Policy, Working Paper Series qt1vp9j3k0, Berkeley Program on Housing and Urban Policy.
- SATO, Hiroshi, 2006. "Housing inequality and housing poverty in urban China in the late 1990s," China Economic Review, Elsevier, vol. 17(1), pages 37-50.
- Gan, Quan & Hill, Robert J., 2009. "Measuring housing affordability: Looking beyond the median," Journal of Housing Economics, Elsevier, vol. 18(2), pages 115-125, June.
- Quan Gan & Robert J. Hill, 2008. "Measuring Housing Affordability: Looking Beyond the Median," Discussion Papers 2008-09, School of Economics, The University of New South Wales.