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Housing cycles and gentrification

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  • Murphy, Daniel

Abstract

The analysis in this paper documents a high-frequency link between housing markets and downtown gentrification since the mid-1990s. Specifically, property values and the share of formally educated residents increase more in downtown locations than in suburbs during MSA-wide housing market expansions. This relationship holds conditional on changes in MSA-level high-end incomes and is evident at short (three-year) and longer time horizons. I propose a mechanism to account for this evidence based on stronger pass-through from housing market expansions to housing costs for low-income (less formally educated) households. This evidence has implications for the effects of macroeconomic stabilization policies on inequality.

Suggested Citation

  • Murphy, Daniel, 2024. "Housing cycles and gentrification," Journal of Monetary Economics, Elsevier, vol. 144(C).
    • Handle: RePEc:eee:moneco:v:144:y:2024:i:c:s0304393224000035
    DOI: 10.1016/j.jmoneco.2024.01.003
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    Keywords

    Gentrification; Housing cycles;

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