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October 25, 2010 | History

Endogenous gentrification and housing price dynamics 1 edition

Endogenous gentrification and housing price dynamics
Veronica Guerrieri

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Endogenous gentrification and housing price dynamics
Veronica Guerrieri, Daniel Hartley, Erik Hurst

Published 2010 by National Bureau of Economic Research in Cambridge, MA .
Written in English.

About the Book

"In this paper, we explore differential changes in house prices across neighborhoods within a city to better understand the nature of house price dynamics across cities. First, we document in detail that there is substantial and systematic heterogeneity in house price dynamics within a city during city wide housing price booms and busts. Second, we propose a new model of within city house price dynamics that is consistent with the empirical facts. We assume that there is a positive neighborhood externality: people like to live close to richer neighbors. We show that there is an equilibrium where households fully segregate based on their income. In response to positive housing demand shocks, the model predicts that the poor neighborhoods on the boundary with the rich ones are the most price elastic. We refer to this process as gentrification. We then empirically test this new mechanism against other mechanisms that could explain within city house price differences. We find strong support for the existence of endogenous gentrification in explaining housing price dynamics within a city. Finally, we show that even after controlling for other important determinants of land prices, the endogenous gentrification mechanism is still important in explaining cross city differences in house price dynamics"--National Bureau of Economic Research web site.

Edition Notes

Title from PDF file as viewed on 9/16/2010.

Includes bibliographical references.

Also available in print.

System requirements: Adobe Acrobat Reader.

Mode of access: World Wide Web.

NBER working paper series -- working paper 16237, Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16237.


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