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Article(electronic)#2January 25, 2023
Location, Location, Location: Manufacturing and House Price Growth
In: The economic journal: the journal of the Royal Economic Society, Volume 133, Issue 653, p. 2055-2067
ISSN: 1468-0297
Abstract
Exploiting data on tens of millions of housing transactions, we show that (1) house prices grew by less in manufacturing-heavy US regions, (2) this pattern is especially present for the lowest-value homes and that (3) price declines coincided with worse labour market outcomes, consistent with an income channel. Counterfactual accounting exercises reveal that regional differences in the growth of these lowest-value homes are an important driver of the changes in overall house price inequality. Hence, the economic decline in manufacturing-heavy areas extends far beyond income and employment flows to house prices.
Checking availability at your location
This article is also available at your library: |
electronic
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