Housing Returns in Big and Small Cities

Francisco Amaral (), Martin Dohmen (), Sebastian Kohl and Moritz Schularick
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Francisco Amaral: https://www.macrohistory.net/people/francisco-amaral/

No 20220202, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Houses are the largest asset for most households in the United States, as is the case in many other countries as well. Within countries, there is substantial regional variation in house prices—compare real estate values in Manhattan, New York City, with those in Manhattan, Kansas, for example. But what about returns on investment? Are long-run returns on real estate investment—the sum of price appreciation and rental income flows—higher in superstar cities like New York than in the rest of the country? In this blog post, we present new and potentially surprising insights from research comparing long-run returns on residential real estate in a nation’s largest cities to those experienced in the rest of the country (Amaral et al., 2021), covering the U.S. and fourteen other advanced economies over the past century.

Keywords: housing returns; spatial economics; household finances (search for similar items in EconPapers)
JEL-codes: E2 R31 (search for similar items in EconPapers)
Date: 2022-02-02
New Economics Papers: this item is included in nep-cwa, nep-his and nep-ure
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