We test competing models of how K-12 public school quality is capitalized into house prices. The value added model proposes that only locationally fixed district-specific factors such as inputs to schooling and the characteristics of student peers are capitalized into house prices. This model...

While the average change in house prices is related to changes in fundamentals or perhaps market-wide bubbles, not all houses in a market appreciate at the same rate. The primary focus of our study is to investigate the reasons for these variations in price changes among houses within a market....

Communities differ in both the bundle of amenities offered to residents and the implicit price of these amenities. Thus, households are faced with a choice of which bundle to select when they select their residence. This choice implies households make tradeoffs among the amenities; that is, the...

Earlier research has shown that lender income and wealth constraint ratios discourage homeownership. This empirical research has been based on home purchasers using an 80 percent loan-to-value (LTV) fixed-rate conventional loan. Employing the same assumption, we find that the constraints lowered...

This article describes the wealth accumulation of American youth and relates it to their eventual housing choices. A data set is compiled for youth ages 20 to 33 for the years 1985 through 1990. We construct wealth profiles for each household and compare these profiles across different patterns...

In this paper we analyze the factors that affect the tenure choice of young adults, highlighting the impact of mortgage lender imposed borrowing constraints. The data set is a panel of youth age 20-33 for the years 1985-90. Our methods differ from most prior studies in many ways including...

Analysis of cross-sectional or intertemporal variations in house values among localities requires reliable house value indices. However, prior studies applying the hedonic method to transaction data have reported price series that may be biased. Our paper investigates a possible cause of bias...

Analysis of variations in house values among localities requires reliable house value indices. Gatzlaff and Haurin (1994) indicate that traditional hedonic value index estimates, using only information from a sample of sold homes to estimate value movements for the entire housing stock, may be...

Analysis of variations in house values among localitiesrequires reliable house value indices. Gatzlaff and Haurin(1994) indicate that traditional hedonic house value indexestimates, using only information from a sample of soldhomes to estimate value movements for the entire housingstock, may be...

In the standard urban model, employment is concentrated in the Central Business District (CBD) and the locational choice of households is modeled solely on access to the employment center. Now, technology has facilitated the emergence of new office environments where work is done at...