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The Determinants of Declining Internal Migration

Olney, William W.; Thompson, Owen - National Bureau of Economic Research - 2024

Internal migration in the United States has declined substantially over the past several decades, which has important implications for individual welfare, macroeconomic adjustments, and other key outcomes. This paper studies the determinants of internal migration and how they have changed over...

Persistent link: https://www.econbiz.de/10014486215

Measuring Information Frictions in Migration Decisions : A Revealed-Preference Approach

Porcher, Charly; Morales, Eduardo; Fujiwara, Thomas - National Bureau of Economic Research - 2024

We investigate the role of information frictions in migration. We develop novel moment inequalities to estimate worker preferences while allowing for unobserved worker-specific information sets, migration costs, and location-specific amenities and prices. Using data on internal migration in...

Persistent link: https://www.econbiz.de/10014544692

White Suburbanization and African-American Home Ownership, 1940-1980

Boustan, Leah Platt - 2011

Between 1940 and 1980, the homeownership rate among metropolitan African-American households increased by 27 percentage … points. Nearly three-quarters of this increase occurred in central cities. We show that rising black homeownership in central … homeownership over the period is explained by white suburbanization …

Persistent link: https://www.econbiz.de/10012461955

Repairing a Mortgage Crisis : HOLC Lending and its Impact on Local Housing Markets

Courtemanche, Charles - 2010

increased 1940 median home values and homeownership rates, but not new home building …

Persistent link: https://www.econbiz.de/10012462410

Arbitrage in Housing Markets

Glaeser, Edward L. - 2007

Urban economists understand housing prices with a spatial equilibrium approach that assumes people must be indifferent across locations. Since the spatial no arbitrage condition is inherently imprecise, other economists have turned to different no arbitrage conditions, such as the prediction...

Persistent link: https://www.econbiz.de/10012464942

Owner-Occupied Housing as a Hedge Against Rent Risk

Sinai, Todd - 2003

in house values. However, homeownership also provides a hedge against fluctuations in future rent payments. This paper … households so housing market risk actually increases homeownership rates and house prices. Further, the net effect of rent risk … on the demand for homeownership increases with a household's expected length of stay in its home, as the cumulative rent …

Persistent link: https://www.econbiz.de/10012469241

Expected Home Ownership and Real Wealth Accumulation of Youth

Haurin, Donald R. - 1996

This paper describes the real wealth accumulation of American youth and relates this behavior to variations in real constant-quality house prices in their localities of residence. We argue that increases in the real constant-quality house price have two offsetting effects on wealth. First, the...

Persistent link: https://www.econbiz.de/10012473216

Racial Segregation in Housing Markets and the Erosion of Black Wealth

Akbar, Prottoy A. - 2019

Housing is the most important asset for the vast majority of American households and a key driver of racial disparities in wealth. This paper studies how residential segregation by race eroded black wealth in prewar urban areas. Using a novel sample of matched addresses from prewar American...

Persistent link: https://www.econbiz.de/10012479755

Liquidity Constraints in the U.S. Housing Market

Gorea, Denis - 2017

We study the severity of liquidity constraints in the U.S. housing market using a life-cycle model with uninsurable idiosyncratic risks in which houses are illiquid, but agents have the option to extract home equity by refinancing their long-term mortgages. The model implies that three quarters...

Persistent link: https://www.econbiz.de/10012455336

Housing Demand, Cost-of-Living Inequality, and the Affordability Crisis

Albouy, David - 2016

Since 1970, housing's relative price, share of expenditure, and ``unaffordability'' have all grown. We estimate housing demand using a novel compensated framework over space and an uncompensated framework over time. Our specifications pass tests imposed by rationality and household mobility....

Persistent link: https://www.econbiz.de/10012455864