Housing Collateral and Consumption Insurance Across US Regions: Data Appendix

Definition The concept of a metropolitan areas is that of a core area containing a large population nucleus, together with adjacent communities having a high degree of economic and social integration with that core. They include metropolitan statistical areas (MSA’s), consolidated metropolitan statistical areas (CMSA’s), and primary metropolitan statistical areas (PMSA’s). An area that qualifies as an MSA and has a population of one million or more may be recognized as a CMSA if separate component areas that demonstrate strong internal, social, and economic ties can be identified within the entire area and local opinion supports the component areas. Component areas, if recognized, are designated PMSA’s. If no PMSA’s are designated within the area, then the area remains an MSA. The S&MM survey uses the definitions of MSA throughout the survey and of CMSA when CMSA’s are created. We use the 30 metropolitan areas described in table 1. Before the creation of the CMSA’s, we keep track of all separate MSA’s that later form the CMSA in order to obtain a consistent time series. For example, the Dallas-Forth Worth CMSA consists of the Dallas MSA and Forth Worth MSA until 1973 and of the combined area thereafter.