Replication data for: Superstar Cities

Principal Investigator(s): View help for Principal Investigator(s) Joseph Gyourko; Christopher Mayer; Todd Sinai

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Project Citation:

Gyourko, Joseph, Mayer, Christopher, and Sinai, Todd. Replication data for: Superstar Cities. Nashville, TN: American Economic Association [publisher], 2013. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-13. https://doi.org/10.3886/E114839V1

Project Description

Summary: We document large long-run differences in average house price appreciation across metropolitan areas over the past 50 years, and show they can be explained by an inelastic supply of land in some unique locations combined with an increasing number of highincome households nationally. The resulting high house prices and price-to-rent ratios in those "superstar" areas crowd out lower income households. The same forces generate a similar pattern among municipalities within a metropolitan area. These facts suggest that disparate local house price and income trends can be driven by aggregate demand, not just changes in local factors such as productivity or amenities.

Scope of Project

JEL Classification:
      R11 Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
      R23 Urban, Rural, Regional, Real Estate, and Transportation Economics: Regional Migration; Regional Labor Markets; Population; Neighborhood Characteristics
      R31 Housing Supply and Markets
      R52 Regional Government Analysis: Land Use and Other Regulations

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Published Versions

V1 [2019-10-13]

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