"High and rising prices in Chinese housing markets have attracted global attention, as well as the interest of the Chinese government and its regulators. Housing markets look very risky based on the stylized facts we document. Price-to-rent ratios in Beijing and seven other large markets across...

[...]In this paper, we update this affordability debateusing data from the 1990s. We follow Gyourko and Linneman(1993) in addressing the affordability issue by asking asimple question: Is a home of a given quality from ten ortwenty years ago more or less affordable today to a householdsimilarly...

Differences in house price and income growth rates between 1950 and 2000 across metropolitan areas have led to an ever-widening gap in housing values and incomes between the typical and highest-priced locations. We show that the growing spatial skewness in house prices and incomes are related...