Analysis of 2000 census data revealed that blacks in Metropolitan Detroit are the most racially segregated population group in the United States. Blacks in Metropolitan Detroit reside overwhelmingly in central city housing while whites reside overwhelmingly in suburban housing. The objective of this paper is to determine whether the low representation of blacks in suburban housing and the lower...

U.S. metropolitan neighborhoods have become increasingly segregated by income over the past thirty years. The metropolitan areas with the largest rises in income segregation include a number of distressed cities in industrial decline, as well as a subset of rapidly growing metropolitan areas. I propose a simple model based on the notion that rising income inequality creates market pressure (or ...

tokyo metropolis, with some exclusive features such as the experience of land readjustment, high level of technology, great economical centralization, and high density of information, presents a type of complicated, crowded, and instable architecture and city planning. such a status is a problem for determining the architectural typology and makes it practically hard for introducing the contemp...

This paper proposes four metrics to measure sprawl in metropolitan regions as marginal changes in land use over time. The metrics (change in urban housing unit density, marginal land consumption per new urban household, housing unit density in newly urbanized areas and percent of new housing units located in previously developed areas) are computed for all 329 metropolitan areas in the continen...

In an economy that proved to be highly sensitive to housing prices fluctuations it is at least intriguing why the U.S. has accurate housing price indices for the top 20 Metropolitan Statistical Areas (MSAs) only. This is an important informational gap since in most the states, housing sales in Small Metropolitan Statistical Areas (SMSAs) account for at least 30% of the total state sales. This p...

This article carries out an asset-pricing analysis of the U.S. metropolitan housing market. We use ZIP code–level housing data to study the cross-sectional role of volatility, price level, stock market risk and idiosyncratic volatility in explaining housing returns. While the related literature tends to focus on the dynamic role of volatility and housing returns within submarkets over time, our...

The correlation between stock and housing prices, which is critical for household asset allocations, varies widely by metropolitan area and country. A general equilibrium model demonstrates that an aggregate positive technology shock increases stock prices and housing demand but can decrease housing prices where land supply is elastic because stable future rents are discounted at higher interes...

Immigration and Housing Rents in American Cities Is there a local economic impact of immigration? Immigration pushes up rents and housing values in US destination cities. The positive association of rent growth and immigrant inflows is pervasive in time series for all metropolitan areas. I use instrumental variables based on a “shift-share” of national levels of immigration into metropolitan ar...

P ublic concern over the affordability of housing arises from two factors. First, housing is the single largest expenditure item in the budgets of most families and individuals. The average household devotes roughly onequarter of income to housing expenditures, while poor and near-poor households commonly devote half of their incomes to housing. These high proportions suggest that small percent...

This paper uses MSA level data and a panel VAR model to analyze the dynamic determination and impact of the volatility of single-family home value appreciation. We find that the volatility can be magnified by an exogenous increase in the home appreciation rate, responds to changes in the population growth rate, and is serially correlated. Moreover, an exogenous increase in the volatility increa...