One of the drivers of housing demand is the rate of new household formation, which has been well below trend in recent years, leading to persistent weakness in the housing market. This paper studies the determinants of household formation in the United States, including demographic and...

One of the drivers of housing demand is the rate of new household formation, which has been well below trend in the United States in recent years. This paper studies the determinants of household formation, including demographic and behavioral changes, and how they evolve over the long and short...

Although the volatility of house prices is often ascribed to demand-side factors, constraints on housing supply have important and little-studied implications for housing dynamics. I illustrate the strong relationship between the volatility of house prices and the regulation of new housing...