A1 Vertaisarvioitu alkuperäisartikkeli tieteellisessä lehdessä
Revisiting metropolitan house price-income relationships
Tekijät: Oikarinen Elias, Bourassa Steven C., Hoesli Martin, Engblom Janne
Kustantaja: Elsevier (Commercial Publisher)
Julkaisuvuosi: 2023
Journal: Journal of Housing Economics
Tietokannassa oleva lehden nimi: JOURNAL OF HOUSING ECONOMICS
Lehden akronyymi: J HOUS ECON
Artikkelin numero: 101946
Vuosikerta: 61
Sivujen määrä: 21
ISSN: 1051-1377
eISSN: 096-0791
DOI: https://doi.org/10.1016/j.jhe.2023.101946
Verkko-osoite: https://doi.org/10.1016/j.jhe.2023.101946
Rinnakkaistallenteen osoite: https://research.utu.fi/converis/portal/detail/Publication/180475477
We explore long-term patterns of the house price-income relationship across the 70 largest U.S. metropolitan areas. In line with a standard spatial equilibrium model, our empirical findings indicate that regional house price-income ratios are typically not stable, even over the long run. In contrast, panel regression models that relate house prices to aggregate personal income and allow for regional heterogeneity yield stationary long-term relationships in most areas. The house price-income relationship varies significantly across locations, underscoring the importance of using estimation techniques that allow for spatial heterogeneity. The substantial regional differences are closely related to the elasticity of housing supply.
Ladattava julkaisu This is an electronic reprint of the original article. |  |
