Creating a Constant-Quality Index for Small Multifamily Rental Housing
Researchers since the early 1960s have constructed constant-quality price indices (CQIs) for single-family dwellings. This paper, however, applies the methodology to construct CQIs for a different property type - small multifamily rental housing with two to four units (MRH) - so that price changes can be measured. Over the period 1983 through 1988, MRH prices increased 70% in Connecticut, but decreased nearly 65% in Baton Rouge, Louisiana. These locations and the sample period are chosen because Connecticut's economy boomed, while Baton Rouge's collapsed; as well, Congress debated and passsed the 1986 Tax Reform Act (TR). TRA affected both regions' MRH prices, but other factors contributed to price changes, also.
Volume (Year): 10 (1995)
Issue (Month): 5 ()
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NBER Working Papers
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