Journal of Housing Economics最新文献

英文中文

Homeownership and public sector employment: Evidence from the removal of home purchase restrictions in China

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics

Pub Date : 2024-12-24 DOI: 10.1016/j.jhe.2024.102041

Yaqun Zhu, Jun Kong

This paper utilizes a quasi-experiment in China that removed home purchase restrictions (HPR) in 2014 to examine the causal effect of homeownership on public sector employment through a difference-in-differences (DID) approach. Combining the 2012, 2014 China Family Panel Studies (CFPS) and the 2011, 2013, 2015 China Household Finance Survey (CHFS), we find that removing the HPR significantly decreases the probability of working in the public sector by 47 %, this negative effect holds for both homeowners and renters. The mechanism analyses show that firstly, removing the HPR increases house prices, which makes homeowners more resistant to possible unemployment shock, and thus reduces the attractiveness of the public sector, which is called as the wealth buffer channel; secondly, the rising house prices discourages renters to work in the public sector, where workers are paid lower wages and struggle to afford a more expensive house in the future, this is the home purchase channel; thirdly, as the HPR in China, is a prevailing Hukou¹-based discriminatory policy, the removal of HPR makes local Hukou no longer necessary to qualify for buying a house, and then reduce the propensity of public sector employment, that is the homeownership eligibility channel. In addition, it is found that the impact of removing the HPR is larger for unmarried males who have a higher likelihood of buying a house to improve their competitiveness in the marriage market. Lastly, there are greater negative effects for young workers and employees with children.

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引用次数: 0

Going it alone: The impact of upzoning on housing construction in Lower Hutt

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics

Pub Date : 2024-12-18 DOI: 10.1016/j.jhe.2024.102032

Matthew Maltman , Ryan Greenaway-McGrevy

This paper studies a sequence of zoning reforms enacted in Lower Hutt, a constituent municipality of the wider Wellington metropolitan region of New Zealand. Beginning in the late 2010s, Lower Hutt independently implemented a sequence of widespread zoning changes to enable medium- and high- density housing in residential areas. Using a synthetic control to specify the policy counterfactual, we find that these zoning changes generated a three-fold increase in consents per capita and nearly tripled the number of housing starts over the six years subsequent to the onset of the reforms. Depending on how potential displacement effects are accounted for, the Lower Hutt reforms increased housing starts across the wider metropolitan region by approximately 10 to 18%. We also present evidence that the upzonings reduced rents by around 21% relative to the counterfactual.

引用次数: 0

Estimating the implicit price elasticity of the demand for air quality: A hedonic approach

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics

Pub Date : 2024-12-07 DOI: 10.1016/j.jhe.2024.102039

Tianyun Zhu

I propose a novel approach which yields a likelihood-based estimator for the implicit price elasticity of demand for avoiding air pollution exposure. Applying my approach to a cross-sectional hedonic data set of Cleveland MSA, I find that the estimate on the implicit price elasticity of interest is approximately 0.03, smaller in magnitude than the national estimates obtained by prior studies. Beyond estimating the implicit price elasticity of demand for avoiding air pollution, my approach also allows for nonparametric characterization of the sorting equilibrium and full recovery of the bid function for each household type that sorts into an observed air quality level, which makes it possible to implement counterfactural welfare analysis of a non-marginal change in air quality.

引用次数: 0

Burning the Australian dream: Temperature shocks and homeownership in Australia

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics

Pub Date : 2024-11-22 DOI: 10.1016/j.jhe.2024.102031

Akwasi Ampofo , Sefa Awaworyi Churchill , Kingsley Baako , Godwin Kavaarpuo

Rising temperature and climate change impact individual and household economic decisions. While an established body of literature has examined the effects of temperature shocks on different outcomes, there is limited evidence on the relationship between temperature shocks and homeownership. We contribute to the literature by presenting evidence on the impact of temperature shocks on homeownership in Australia. We use longitudinal data from the Household, Income and Labour Dynamics in Australia (HILDA) Survey and satellite re-analysis temperature data over the period 2001 to 2019, and apply a fixed effect approach that addresses unobserved heterogeneity. We find that an increase in temperature shocks is associated with a decline in the probability of owning a home. We find this relationship to be more pronounced in urban than rural areas, and among individuals with a bachelor's degree. We also find the relationship to be persistent in recent years. Additionally, we find neighbourhood crime, social capital, neighbourhood satisfaction, life satisfaction and house prices to mediate the relationship between temperature shocks and homeownership.

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引用次数: 0

Sea-level rise, groundwater quality, and the impacts on coastal homeowners’ decisions to sell 海平面上升、地下水质量以及对沿海房主出售决定的影响

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics

Pub Date : 2024-11-19 DOI: 10.1016/j.jhe.2024.102028

Dennis Guignet , O. Ashton Morgan , Craig E. Landry , John C. Whitehead , William P. Anderson Jr

Sea-level rise poses a growing threat to coastal communities and economies across the globe. North Carolina (NC) is no exception, with coastal communities facing annual sea-level rise rates of 2.01 to 4.55 mm/year (NOAA, 2018). Sea-level rise can affect key ecosystem services to coastal communities, including the provision of clean drinking water and adequate wastewater treatment. We examine how increases in the cost of these services and possible negative effects on coastal house prices due to sea-level rise impact homeowners’ decisions to remain in their current home or sell. Administering a stated preference survey to NC homeowners in counties adjacent to the coast, we assess how households might respond to increasing costs due to sea-level rise. We present a novel framework to estimate expected welfare impacts under illustrative scenarios, and examine heterogeneity in responses and welfare effects with respect to place attachment. Our analysis can help inform local communities and benefit-cost analyses of future adaptation strategies and infrastructure investments.

海平面上升对全球沿海社区和经济构成了日益严重的威胁。北卡罗来纳州（NC）也不例外，沿海社区面临着每年 2.01 到 4.55 毫米的海平面上升率（NOAA，2018 年）。海平面上升会影响沿海社区的关键生态系统服务，包括提供清洁饮用水和适当的废水处理。我们研究了这些服务成本的增加以及海平面上升可能对沿海房价造成的负面影响如何影响房主决定继续居住还是出售房屋。通过对毗邻海岸的县的北卡罗来纳州房主进行陈述偏好调查，我们评估了家庭如何应对海平面上升导致的成本增加。我们提出了一个新颖的框架来估算说明性情景下的预期福利影响，并研究了与地方依附性相关的反应和福利影响的异质性。我们的分析有助于为当地社区和未来适应战略及基础设施投资的效益成本分析提供信息。

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引用次数: 0

Discrimination in the Austrian rental housing market: The effect of information concerning first and second-generation immigrant status 奥地利住房租赁市场中的歧视：第一代和第二代移民身份信息的影响

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics

Pub Date : 2024-10-24 DOI: 10.1016/j.jhe.2024.102030

Doris Weichselbaumer, Hermann Riess

This study investigates the previously unexplored effect that immigrant generation has on housing discrimination against immigrants. Property owners may perceive more recent immigrants as particularly “other” and fear that they will not be good tenants, e.g. because they will treat a property in an undesirable manner or not pay their bills. To test the effect of acculturation, we conduct an email correspondence test in Austria and compare landlords’ responses to inquiries from immigrants (with a Serbian, Syrian or Turkish name) of the first, first and a half, and second-generation to those who do not provide respective information about their immigration background. We find that when applicants indicate their place of birth and upbringing, discrimination is highest for first-generation immigrants and lowest for second-generation immigrants. This suggests an advantage for more acculturated applicants. However, compared to providing no information, actively signaling a second-generation background only benefits one of the immigrant groups tested (Syrians), who may be perceived as recent refugees otherwise.

本研究调查了移民世代对移民住房歧视的影响，这种影响此前尚未被探索。房东可能会认为新移民特别 "另类"，担心他们不是好租客，例如他们会以不良方式对待房产或不付账单。为了检验文化适应的影响，我们在奥地利进行了一次电子邮件通信测试，并比较了房东对第一代、第一代半和第二代移民（名字为塞尔维亚、叙利亚或土耳其）与未提供各自移民背景信息的移民的询问的回应。我们发现，当申请人说明其出生地和成长经历时，第一代移民受到的歧视最高，第二代移民受到的歧视最低。这表明文化程度较高的申请人更有优势。然而，与不提供任何信息相比，主动表明第二代背景只对其中一个受测移民群体（叙利亚人）有利，否则他们可能会被视为近期难民。

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引用次数: 0

The effect of flood risk on house prices in the Basque Country 洪水风险对巴斯克地区房价的影响

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics

Pub Date : 2024-10-24 DOI: 10.1016/j.jhe.2024.102022

Patricia Menéndez , Maria Jesús Bárcena , María Cristina González , Fernando Tusell

We analyze property prices, including both sales and rents, in relation to climate change-associated flood risk arising from sea level rise and river overflow. Our body of evidence consists of sale and rent offered prices in the Basque Country from 2007 to 2017, totaling over 329,000 observations. Our quantitative methods depart from those in other studies by using the ratio of sale to rent prices, deemed more likely to reflect the effects we are investigating. We use geographically weighted regression (GWR) with neighborhoods tailored to risk areas. Our findings provide some evidence of risk capitalization, although limited to areas of higher risk.

我们分析了房地产价格（包括销售和租金）与海平面上升和河流泛滥导致的气候变化相关洪水风险的关系。我们的证据包括 2007 年至 2017 年巴斯克地区的销售和租赁价格，总计超过 329,000 个观测值。我们的定量方法与其他研究不同，我们使用的是销售价格与租金的比率，这被认为更有可能反映我们正在调查的影响。我们使用了地理加权回归（GWR），并根据风险区域对邻近地区进行了调整。我们的研究结果提供了一些风险资本化的证据，尽管仅限于风险较高的地区。

引用次数: 0

Gobi wind blows housing price away: Willingness to pay for clean air in China 戈壁风吹走了房价中国为清洁空气付费的意愿

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics

Pub Date : 2024-10-16 DOI: 10.1016/j.jhe.2024.102029

Jianglong Li, Shiqiang Sun

Economists often reply on housing market to investigate the willingness to pay for clean air, while potential endogeneity concerns pose challenges. This paper proposes an identification strategy based on the Gobi Desert dust storm, providing suitable instrumental variable for hedonic models at the house-day level in East Asia. We exploit within-Beijing and over-time variation in air pollution caused by dust storm and find that after addressing endogeneity issues, the negative impact of air pollution on housing prices strengthened nearly fivefold. Buyers in Beijing are willing to pay an additional 7.9 % in housing prices for a decrease of PM₁₀ by 100 μg/m³, indicating that the benefits of air pollution improvement in Beijing over the past decade are >1.5 trillion yuan in the housing market. This paper also reveals that an increase in air pollution leads sellers to exhibit a higher willingness to sell, reflecting in lower listing prices, heightened bargaining power for buyers, and a shorter transaction cycle.

经济学家通常通过住房市场来研究人们为清洁空气付费的意愿，但潜在的内生性问题带来了挑战。本文提出了一种基于戈壁滩沙尘暴的识别策略，为东亚地区房日水平的享乐主义模型提供了合适的工具变量。我们利用沙尘暴造成的空气污染在北京内部和时间上的变化，发现在解决了内生性问题后，空气污染对房价的负面影响增强了近五倍。北京的购房者愿意为 PM10 降低 100 μg/m³ 而额外支付 7.9% 的房价，这表明过去十年北京空气污染改善给住房市场带来的收益高达 1.5 万亿元。本文还揭示了空气污染加重会导致卖方表现出更高的出售意愿，反映在挂牌价格降低、买方议价能力增强和交易周期缩短上。

引用次数: 0

Does flood risk affect property prices? Evidence from a property-level flood score 洪水风险会影响房产价格吗？来自物业级别洪水评分的证据

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics

Pub Date : 2024-10-09 DOI: 10.1016/j.jhe.2024.102027

Alexandros Skouralis, Nicole Lux, Mark Andrew

One in six properties in England is exposed to flood risk and around half of those affected properties can be characterised as high risk. In this paper we examine whether the probability of flooding is capitalised in England's property market prices. We use unique property-level data from Rightmove, UK's no.1 property website and the property-level

F l o o d S c o r e^{T M}

by Twinn, Royal HaskoningDHV. The latter is a metric of objective flood risk based on the likelihood of an individual property being flooded due to rainfall, overflowing rivers and tidal surges and is commonly used by UK lenders. By comparing the unconditional averages of our data, we find that properties at risk are sold at an 8.14 % discount compared to non-exposed properties, and the price discount increases to 32.2 % for properties with very high flood risk. By 2080 the flood events are expected to become more frequent and the average flood risk is projected to increase by 8 %. Our empirical model suggests that one percentage point increase in properties' flood risk is associated with a decline of 0.07 % to 0.11 % in both sold and asking property prices. The impact is higher for properties of which flood risk is expected to increase or for regions that have recently experienced a flood event.

在英格兰，每六处房产中就有一处面临洪水风险，其中约有一半的房产属于高风险房产。在本文中，我们研究了英格兰房地产市场价格中是否将洪水概率资本化。我们使用了英国第一大房地产网站 Rightmove 提供的独特的房地产级别数据，以及皇家哈斯康宁公司（Royal HaskoningDHV）Twinn 提供的房地产级别 FloodScoreTM。后者是一种客观洪水风险度量标准，基于单个房产因降雨、河流泛滥和潮汐涌动而被洪水淹没的可能性，被英国贷款机构普遍采用。通过比较我们数据的无条件平均值，我们发现与未暴露于洪水风险的房产相比，暴露于洪水风险的房产的售价折扣为 8.14%，而洪水风险极高的房产的售价折扣则增至 32.2%。到 2080 年，洪水事件预计将变得更加频繁，平均洪水风险预计将增加 8%。我们的实证模型表明，房产洪水风险每增加一个百分点，其售价和要价就会下降 0.07% 至 0.11%。对于洪水风险预计会增加的房产或最近发生过洪水事件的地区，这种影响更大。

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引用次数: 0

Catastrophic fires, human displacement, and real estate prices in California 加州的灾难性火灾、人类流离失所和房地产价格

IF 1.4 3区经济学 Q3 ECONOMICS

Journal of Housing Economics

Pub Date : 2024-10-01 DOI: 10.1016/j.jhe.2024.102023

Hannah Hennighausen , Alexander James

Millions of people are displaced by natural disasters each year, yet little is known about how evacuees affect host communities. We analyze the migratory effects of the most destructive fire in California history, the 2018 Camp Fire, which destroyed over 18,000 structures and displaced roughly 50,000 people. By merging geospatial information on the fire’s footprint with Zillow’s housing transaction data, we estimate both the spatial and temporal effects of the fire on real estate prices at a granular level. A number of important insights emerge. First, within 25 miles of the fire’s footprint, home prices increased by 13 percent in the six-week aftermath of the fire. Effects decay with distance and are statistically insignificant beyond 100 miles. Second, effects are detected within two weeks of the fire, fully materialize within four weeks, and are persistent up to ten months (which exhausts our period of consideration). Results are consistent with the relocation decisions of evacuees and are robust to a variety of specifications and modeling assumptions.

每年都有数百万人因自然灾害而流离失所，但人们对撤离者如何影响收容社区却知之甚少。我们分析了加州历史上破坏性最大的火灾--2018 年坎普大火（Camp Fire）的迁移影响，这场大火摧毁了 18000 多座建筑，造成约 5 万人流离失所。通过将火灾足迹的地理空间信息与 Zillow 的房屋交易数据合并，我们估算了火灾在空间和时间上对房地产价格的影响。我们得出了一些重要结论。首先，在火灾发生后的六周内，火灾影响范围 25 英里内的房价上涨了 13%。随着距离的增加，影响逐渐减弱，超过 100 英里后，影响在统计上就不显著了。其次，火灾影响在火灾发生后两周内被发现，四周内完全显现，并持续十个月之久（这已超出了我们的考虑范围）。结果与疏散人员的搬迁决定一致，并且对各种规范和建模假设都是稳健的。

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全部化学•材料生命科学医学物理工程技术环境•农林材料科学地球科学法学管理学化学环境科学与生态学计算机科学教育学经济学农林科学人文科学生物学数学物理与天体物理心理学综合性期刊其他工业工程理学历史学农学文学信息工程

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