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Title: Housing Appreciation and Marginal Land Supply in Monocentric Cities with Topography

Citation Type: Miscellaneous

Publication Year: 2018

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Abstract: We revisit the celebrated relationship between supply constraints and home price growth. Augmenting existing models, we distinguish the roles of average versus marginal constraints in a dynamic monocentric city. In both theory and the panel of U.S. metropolitan areas, housing appreciates more where land availability decreases more with distance from downtown. Similarly, prices rise faster in cities with steeper rent gradients. Empirically, the parameter we estimate that governs marginal availability is not as strongly correlated with demand factors as average availability.

Url: http://jacobcosman.ca/wp-content/uploads/2018/01/wcd_2018_1_10.pdf

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Authors: Williams, Joe; Cosman, Jacob; Davidoff, Tom

Publisher: Carey Business School, Johns Hopkins University

Data Collections: IPUMS USA

Topics: Housing and Segregation, Poverty and Welfare

Countries: United States