Housing Prices, Externalities, and Regulation in U.S. Metropolitan Areas

Abstract

Housing prices vary widely from market to market in the United States. The purpose of this study is to analyze the determinants of housing prices, with a particular focus on the effects of regulations in land and housing markets. The basic unit of observation for this study is the city or metropolitan area. The basic method is to model house prices and rents in a simple supply-and-demand framework focusing on incomes, population changes, “noneconomic” determinants (such as topographical features), and other supply conditions (notably measures of the regulatory environment). The innovative part of the empirical analysis is constructing indices that reflect regulatory regimes in different markets.

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