The capitalization of non-market attributes into regional housing rents and wages: evidence on German functional labor market areas

Hiller, Norbert; Lerbs, Oliver

doi:10.1007/s10037-014-0089-x

Cited by 5 publications

(2 citation statements)

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“…As adverse price effects of aging make urban owner-occupied housing more affordable, this might encourage young households to invest in an aging city. As Hiller and Lerbs (2015) show, it may be necessary to account for the evolution of urban amenities to disentangle these dynamic second-round effects. (*, **, *** denote statistical significance at the 10%-, 5%-and 1%-level, respectively) Table A3.…”

Section: Discussionmentioning

confidence: 99%

Aging and urban house prices

Hiller¹,

Lerbs

2016

Regional Science and Urban Economics

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Die Dis cus si on Pape rs die nen einer mög lichst schnel len Ver brei tung von neue ren For schungs arbei ten des ZEW. Die Bei trä ge lie gen in allei ni ger Ver ant wor tung der Auto ren und stel len nicht not wen di ger wei se die Mei nung des ZEW dar.Dis cus si on Papers are inten ded to make results of ZEW research prompt ly avai la ble to other eco no mists in order to encou ra ge dis cus si on and sug gesti ons for revi si ons. The aut hors are sole ly respon si ble for the con tents which do not neces sa ri ly repre sent the opi ni on of the ZEW. Aging and Urban House PricesNorbert Hiller AbstractThis paper investigates the long-run relationships between the size and age composition of a city's population and the price of local housing. For estimation purposes, we combine city-level demographic information with housing price data for 87 cities in Germany over the period 1995-2012. Employing a panel error correction framework that accounts for the evolution of city income and other controls, we find that urban house prices perform stronger in cities that grow or age less rapidly. A combination of the empirical estimates with current population projections suggests that population aging will exert considerable downward pressure on urban house prices in upcoming years.

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Section: Discussionmentioning

confidence: 99%

Aging and urban house prices

Hiller¹,

Lerbs

2016

Regional Science and Urban Economics

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“…Differences in these administrative restrictions may generate very different responses of real estate prices to crime. Germany, in particular, is not only relatively densely populated, it also has exceptionally restrictive zoning regulations, with the result that much less than one percent of the housing stock is added per year (Hiller and Lerbs, 2015). This suggests that empirical results on the link between crime and housing prices for other countries may not be directly transferable to Germany.…”

Section: Differences Across Space and Timementioning

confidence: 99%

The impact of crime on apartment prices in Hamburg, Germany

Graaff

Zietz

2020

JERER

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Purpose The purpose of this study is to examine the impact of crime on apartment prices for Hamburg, Germany, for the years 2012 to 2017. Design/methodology/approach The authors use a panel data setting with fixed effects estimators and temporal lags to moderate the endogeneity concerns related to crime. The authors consider the effect of total crime, violent and property crime and some sub-categories of crime. Findings The estimates show that it takes two to three years for prices to react, with the longer run elasticity reaching −0.12 for total crime, −0.15 for property crime and −0.06 for violent crime. The elasticities are much larger in high-crime areas (−0.22 for total crime, −0.28 and −0.09 for property and violent crime) and elevated also in low-income areas. Social implications The finding that property crime matters more in terms of quantitative impact for housing values than violent crime provides reasonable grounds for rethinking the resource allocation of public spending on crime clearance and prevention in Germany. Far more emphasis on preventing property crime appears in order and especially so in the lower income or higher crime areas, which are significantly more affected by crime and in particular property crime than those in high income or low crime areas. Originality/value The estimates for Hamburg provide the first detailed results of the impact of crime on real estate prices in Germany. It is also the first study for Continental Europe using panel data.

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What is different about urbanization in rich and poor countries? Cities in Brazil, China, India and the United States

Chauvin

Glaeser

et al. 2017

Journal of Urban Economics

284

106

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We acknowledge support from the Taubman Center for State and Local Government. Chauvin acknowledges support from the Center for International Development at Harvard University. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. At least one co-author has disclosed a financial relationship of potential relevance for this research. Further information is available online at http://www.nber.org/papers/w22002.ack NBER working papers are circulated for discussion and comment purposes. They have not been peerreviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications.

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The capitalization of non-market attributes into regional housing rents and wages: evidence on German functional labor market areas

Cited by 5 publications

References 42 publications

Aging and urban house prices

Aging and urban house prices

The impact of crime on apartment prices in Hamburg, Germany

What is different about urbanization in rich and poor countries? Cities in Brazil, China, India and the United States

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