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The housing cycle in Eastern Massachusetts: variations among cities and towns

Author

Listed:
  • Karl E. Case
  • Christopher J. Mayer

Abstract

Numerous studies over the years have attempted to identify the impact of amenities on housing price levels within specific metropolitan areas. It is well know, for example, that local public goods, tax burdens, school quality, crime rates, and the like are capitalized into land values. This article divides the Eastern Massachusetts area into small groups of similar towns and examines the pattern of price changes across those groups during the boom, bust, and recovery periods. Since 1982, differences in appreciation rates across cities and towns have been particularly pronounces. The authors find that housing affordablility was the most important factor explaining price changes during the boom period, but location, schools, and a town's employment base became relatively more consequential during the bust and the recovery.

Suggested Citation

  • Karl E. Case & Christopher J. Mayer, 1995. "The housing cycle in Eastern Massachusetts: variations among cities and towns," New England Economic Review, Federal Reserve Bank of Boston, issue Mar, pages 24-40.
  • Handle: RePEc:fip:fedbne:y:1995:i:mar:p:24-40
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    File URL: http://www.bostonfed.org/economic/neer/neer1995/neer295b.htm
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    File URL: http://www.bostonfed.org/economic/neer/neer1995/neer295b.pdf
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    Citations

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    Cited by:

    1. Zabel, Jeffrey & Dalton, Maurice, 2011. "The impact of minimum lot size regulations on house prices in Eastern Massachusetts," Regional Science and Urban Economics, Elsevier, vol. 41(6), pages 571-583.
    2. Karl E. Case, 2000. "Real Estate and Macroeconomy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 31(2), pages 119-162.
    3. Robert Edelstein & Desmond Tsang, 2007. "Dynamic Residential Housing Cycles Analysis," The Journal of Real Estate Finance and Economics, Springer, vol. 35(3), pages 295-313, October.
    4. Katharine L. Bradbury & Karl E. Case & Chirstopher J. Mayer, 1998. "School quality and Massachusetts enrollment shifts in the context of tax limitations," New England Economic Review, Federal Reserve Bank of Boston, issue Jul, pages 3-20.
    5. Pope, Devin G. & Pope, Jaren C., 2012. "Crime and property values: Evidence from the 1990s crime drop," Regional Science and Urban Economics, Elsevier, vol. 42(1-2), pages 177-188.
    6. Sunwoong Kim, 2000. "Race and home price appreciation in urban neighborhoods: Evidence from Milwaukee, Wisconsin," The Review of Black Political Economy, Springer;National Economic Association, vol. 28(2), pages 9-28, December.

    More about this item

    Keywords

    Housing - Boston ; New England;

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