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Demographic Structure and House Prices in the United States: A Reconciliation Using Metropolitan Area Data

Jihee Ann () and Cheolbeom Park
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Jihee Ann: Research Division, Korea Real Estate Research Institute, 52 Bangbaero, Seochogu, Seoul, Korea 06705

No 2005, Discussion Paper Series from Institute of Economic Research, Korea University

Abstract: We apply a semiparametric approach to 19 metropolitan areas in the United States (US) to relate normalized house prices to entire age distributions in each area. We find that the shape of estimated age response functions differs across areas, although most areas show a negative impact of the elderly population on house prices. We further find that the age response function is more likely to be hump shaped when the population of an area becomes more aged, which also implies a negative aging impact. These results indicate that the impact of the elderly population will be negative as the population of an economy progresses toward becoming more aged.

Keywords: Demographic structure; Population aging; House prices; Semiparametric approach (search for similar items in EconPapers)
JEL-codes: G12 J11 R30 (search for similar items in EconPapers)
Date: 2020
New Economics Papers: this item is included in nep-age and nep-ure
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Journal Article: Demographic Structure and House Prices in the United States: Reconciliation Using Metropolitan Area Data (2022) Downloads
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