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Income Inequality and House Prices across US States

Edmond Berisha (), John Meszaros () and Rangan Gupta ()
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Edmond Berisha: Feliciano School of Business, Montclair State University, Montclair, NJ 07043
John Meszaros: U.S. Postal Service, USA

No 202134, Working Papers from University of Pretoria, Department of Economics

Abstract: This paper studies the secular increase in US income inequality and its relation to growing house prices over the past three decades. We explore income inequality's effect on house prices based on a high-frequency (quarterly) data-set for all US states, including the District of Columbia. The analysis show that higher income inequality decreases the growth rate of house prices. However, the relationship differs for the Northeast region. We find higher income inequality corresponds with higher house prices across the states within the Northeast region.

Keywords: Inequality; House Prices; Regional Studies (search for similar items in EconPapers)
JEL-codes: D60 O40 O50 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2021-05
New Economics Papers: this item is included in nep-ure
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