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Homeownership Cost Trends

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  • R I Palm

    (Department of Geography, University of Colorado, Boulder, Colorado 80302, USA)

Abstract

House price trends for San Francisco Bay area neighborhoods are only partially explained by the set of variables commonly used to assess house price levels. It is likely that such nonmarket factors as local building restrictions, differential mortgage financing policies, and real-estate agent behavior contribute to the relative inability of the cross-sectional model to predict change. In addition, the relationship of independent variables to price change shows great variation among different housing submarkets, casting doubt on the assumption that elasticities derived by a hedonic study for the metropolitan area as a whole represent the utility functions of buyers within more limited housing submarkets.

Suggested Citation

  • R I Palm, 1977. "Homeownership Cost Trends," Environment and Planning A, , vol. 9(7), pages 795-804, July.
    • Handle: RePEc:sae:envira:v:9:y:1977:i:7:p:795-804
    DOI: 10.1068/a090795
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    References listed on IDEAS

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    1. Grieson, Ronald E., 1974. "The economics of property taxes and land values: The elasticity of supply of structures," Journal of Urban Economics, Elsevier, vol. 1(4), pages 367-381, October.
    2. John F. Kain & John M. Quigley, 1975. "Housing Markets and Racial Discrimination: A Microeconomic Analysis," NBER Books, National Bureau of Economic Research, Inc, number kain75-1, July.
    3. Lapham, Victoria, 1971. "Do Blacks Pay More for Housing?," Journal of Political Economy, University of Chicago Press, vol. 79(6), pages 1244-1257, Nov.-Dec..
    4. John F. Kain & John M. Quigley, 1975. "Introduction to "Housing Markets and Racial Discrimination: A Microeconomic Analysis"," NBER Chapters, in: Housing Markets and Racial Discrimination: A Microeconomic Analysis, pages 1-8, National Bureau of Economic Research, Inc.
    5. Brian J. L. Berry & Robert S. Bednarz, 1975. "A Hedonic Model of Prices and Assessments for Single-Family Homes: Does the Assessor Follow the Market or the Market Follow the Assessor?," Land Economics, University of Wisconsin Press, vol. 51(1), pages 21-40.
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