The Housing Market(s) of San Diego

Tim Landvoigt, Monika Piazzesi and Martin Schneider

No 17723, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: 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.

JEL-codes: E21 G10 R20 (search for similar items in EconPapers)
Date: 2012-01
New Economics Papers: this item is included in nep-mac and nep-ure
Note: AP EFG ME
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Citations: View citations in EconPapers (12)

Published as “The Housing Market(s) of San Diego” (with Tim Landvoigt and Martin Schneider) American Economic Review, vol. 105, no. 4, April 2015 (pp. 1371-1407)

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Related works:
Journal Article: The Housing Market(s) of San Diego (2015)
Working Paper: The Housing Market(s) of San Diego (2010)
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