The Housing Market(S) of San Diego

56 Pages Posted: 6 Jan 2012 Last revised: 6 Jun 2021

See all articles by Tim Landvoigt

Tim Landvoigt

University of Pennsylvania - The Wharton School; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

Monika Piazzesi

Stanford University; University of Chicago - Booth School of Business; National Bureau of Economic Research (NBER)

Martin Schneider

Stanford University

Date Written: January 2012

Abstract

This paper uses an assignment model to understand the cross section of house prices within a metro area. Movers' demand for housing is derived from a lifecycle problem with credit market frictions. Equilibrium house prices adjust to assign houses that differ by quality to movers who differ by age, income and wealth. To quantify the model, we measure distributions of house prices, house qualities and mover characteristics from micro data on San Diego County during the 2000s boom. The main result is that cheaper credit for poor households was a major driver of prices, especially at the low end of the market.

Suggested Citation

Landvoigt, Tim and Piazzesi, Monika and Schneider, Martin, The Housing Market(S) of San Diego (January 2012). NBER Working Paper No. w17723, Available at SSRN: https://ssrn.com/abstract=1980573

Tim Landvoigt (Contact Author)

University of Pennsylvania - The Wharton School ( email )

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United States

National Bureau of Economic Research (NBER)

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Centre for Economic Policy Research (CEPR)

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United Kingdom

Monika Piazzesi

Stanford University ( email )

Stanford, CA 94305
United States

University of Chicago - Booth School of Business ( email )

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Chicago, IL 60637
United States
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National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Martin Schneider

Stanford University ( email )

Stanford, CA 94305
United States

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