The Housing Market (s) of San Diego | Zendy

Tim Landvoigt | Zendy; Monika Piazzesi | Zendy; Martin Schneider | Zendy

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The Housing Market (s) of San Diego

Author(s) -

Tim Landvoigt,

Monika Piazzesi,

Martin Schneider

Publication year - 2015

Publication title -

american economic review

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 16.936

H-Index - 297

eISSN - 1944-7981

pISSN - 0002-8282

DOI - 10.1257/aer.20111662

Subject(s) - boom , economics , house price , quality (philosophy) , microeconomics , monetary economics , engineering , philosophy , epistemology , environmental engineering

This paper uses an assignment model to understand the cross section of house prices within a metro area. Movers' demand for housing is derived from a lifecycle problem with credit market frictions. Equilibrium house prices adjust to assign houses that differ by quality to movers who differ by age, income and wealth. To quantify the model, we measure distributions of house prices, house qualities and mover characteristics from micro data on San Diego County during the 2000s boom. The main result is that cheaper credit for poor households was a major driver of prices, especially at the low end of the market.

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