The Suburban Housing Market: The Effects of City and Suburban Job Growth
نویسنده
چکیده
How does the location of new jobs in a metropolitan area affect the suburban housing market? Economists expect job growth to increase the demand for housing, and furthermore , they expect the increase in demand to be greater in communities near the new jobs than in more distant ones. Moreover, growth in jobs with higher wages should increase the demand for housing more than growth in jobs with lower wages. Increases in housing demand, in turn, put upward pressure on house prices and construction rates. The market response to an increase in housing demand, however, will depend on how easily the supply can adjust to shifts in demand. Because of differences in proximity, wages, and housing supply, city employment growth may have dramatically different effects from suburban growth on house prices and construction rates across suburban communities. These housing market effects provide a window through which we can evaluate the overall economic contributions of city and suburban job growth as well as insights into who benefits from city and suburban job growth.
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