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The price and quantity of residential land in the United States
Open accessAbstract
Abstract One can conceptualize a house as a bundle comprising a reproducible tangible structure and a non-reproducible plot of land. When the value of a home is decomposed this way, land capitalizes the market value of a home's location. We develop a formal relationship between the dynamics of house prices, structures costs and land prices, and thereby construct the first constant-quality price and quantity indexes for the aggregate stock of residential land in the United States. In a range of applications we show that these series can shed light on trends, fluctuations and regional variation in the price of housing.
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Cited by
No price like home: global house prices, 1870–2012
Knoll, K., Schularick, M., & Steger, T. (2017) · American Economic Review · doi:10.1257/aer.20150501 · Cited by 467
Land use regulations and the value of land and housing: An intra-metropolitan analysis
Kok, N., Monkkonen, P., & Quigley, J. M. (2014) · Journal of Urban Economics · doi:10.1016/j.jue.2014.03.004 · Cited by 198
When homes earn more than jobs: the rentierization of the Australian housing market
Ryan-Collins, J., & Murray, C. (2023) · Housing Studies · doi:10.1080/02673037.2021.2004091 · Cited by 56
The Economic Implications of Housing Supply
Glaeser, E., & Gyourko, J. (2017) · doi:10.3386/w23833 · Cited by 13
Metadata
- Authors
- Davis, M. A., & Heathcote, J.
- Venue
- Journal of Monetary Economics
- Publisher
- Elsevier BV
- Published
- 2007-11
- Volume
- 54
- Issue
- 8
- Pages
- 2595-2620
- ISSN
- 0304-3932 (ISSN-L)
- OpenAlex
- W2101957784
- Cited by
- 472
- References
- 0
- FWCI
- 36.58
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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