Filtering to Affordable: Does Multifamily Housing Become More Affordable as It Ages?

Andrew G. Mueller, Lauren Terschan and Thomas J. PlaHovinsak

Journal of Real Estate Research, 2022, vol. 44, issue 2, 254-286

Abstract: Housing affordability and potential sources of affordable housing remain national concerns. Using the 10 largest metropolitan statistical areas (MSAs), this study measures the degree to which a multifamily housing property’s age affects its affordability, hence examining the rate at which a necessary step in the filtering process is taking place. We find that a property’s affordability increases by about 2.7% during the first decade of its existence and by about 0.5–1% every following decade, with some variation across MSAs. While this indicates that filtering could be taking place at a relatively slow rate, we show that this can add up to significant rent savings for a low-income family. Lastly, we conduct two follow-up case studies of affordability in Atlanta and Philadelphia.

Date: 2022
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DOI: 10.1080/08965803.2021.2014632

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