House prices and rents in the 21st century

Arbeitspapier

We study the joint evolution of prices and rents of residential property. After constructing rent and price indices for renter- and owner-occupied properties, we decompose the change in the price of occupant-owned property into (1) changes in rent, (2) changes in the relative prices of investor- and occupant-owned properties, and (3) changes in the price-rent ratio. Via a simple model, we link our decomposition to different sources of variation in house prices. We argue that while the 2000s boom was plausibly driven by exuberant expectations, the boom of the 2020s more likely resulted from a preference shock.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Working Papers ; No. 23-2

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Real Estate Markets, Spatial Production Analysis, and Firm Location: General ; Housing Supply and Markets ; Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) ; Business Fluctuations; Cycles ; Fiscal Policies and Behavior of Economic Agents: Household
• Thema: house price overvaluation ; rent-price ratio ; credit shocks ; housing bubbles ; Wohnimmobilien ; Immobilienmarkt ; Miete ; Immobilienpreis ; Spekulationsblase ; USA

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Loewenstein, Lara ; Willen, Paul
• Ereignis: Veröffentlichung
• (wer): Federal Reserve Bank of Boston
• (wo): Boston, MA
• (wann): 2023

Weitere Informationen

• DOI: doi:10.29412/res.wp.2023.02
• Handle: http://hdl.handle.net/10419/280846
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ