2022
DOI: 10.1016/j.jue.2022.103427
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Housing supply and affordability: Evidence from rents, housing consumption and household location

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Cited by 18 publications
(5 citation statements)
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“…Explanations focused on rent dispersion as the source of increasing price dispersion are at odds with one important stylized fact in the data: price dispersion has increased much more than rent dispersion. Evidence for such divergent trends has not only been exposed in the U.K. data discussed above (Hilber and Mense, 2021), but also in recent U.S. data (Demers and Eisfeldt, 2021;Molloy, Nathanson, and Paciorek, 2022).…”
Section: Empirical Evidence On Price and Rent Dispersionmentioning
confidence: 96%
See 1 more Smart Citation
“…Explanations focused on rent dispersion as the source of increasing price dispersion are at odds with one important stylized fact in the data: price dispersion has increased much more than rent dispersion. Evidence for such divergent trends has not only been exposed in the U.K. data discussed above (Hilber and Mense, 2021), but also in recent U.S. data (Demers and Eisfeldt, 2021;Molloy, Nathanson, and Paciorek, 2022).…”
Section: Empirical Evidence On Price and Rent Dispersionmentioning
confidence: 96%
“…The ratio of the most expensive to the median housing price region, and the change in the coefficient of variation tell a consistent story: in the U.S. and internationally, price dispersion in housing markets has increased substantially since the 1980s. Rising polarization and its causes have attracted considerable attention in the spatial and urban economics literature, e.g., Glaeser and Gyourko (2002); Quigley and Raphael (2005); Glaeser, Gyourko, and Saiz (2008); Saks (2008); Saiz (2010); Van Nieuwerburgh and Weill (2010); Gyourko, Mayer, and Sinai (2013); Favara and Imbs (2015); Hilber and Vermeulen (2016); Been, Ellen, and O'Regan (2018); Oikarinen et al (2018); Arundel and Hochstenbach (2019); Hilber and Mense (2021); Molloy, Nathanson, and Paciorek (2022);Vanhapelto (2022).…”
Section: Polarization Of Housing Marketsmentioning
confidence: 99%
“…Still, Saberi et al (2017) conclude that areas that appear affordable when only housing costs are considered are not necessarily affordable when transport costs are considered. The relationship between transport and housing affordability has also been studied in different US states (Luckey, 2018;Molloy et al, 2022). The authors propose a location-based residual income approach for estimation that more fully reflects the realities faced by households by incorporating differences related to household income, composition, childcare requirements, and location.…”
Section: Literature Reviewmentioning
confidence: 99%
“…The benchmark cross-state welfare analysis assumes that the individual will live her entire life in the state that she is born in. A large share of Americans, however, currently reside in a state other than their birth state (see, e.g., Molloy et al, 2011 + v( ¯ s aexr ) is the age-, education-, gender-, race-, and state-specific flow utility. 27 We calibrate the utility cost of residing in a state other than one's birth state, m(s; s b ), to match each state's retention rate, given by the percentage of residents in a particular state that were also born in that state, which varies from 45.4% in Wyoming to 82.0% in Texas (derived from U.S. Census population data reported by the Minnesota Population Center).…”
Section: 22mentioning
confidence: 99%