The income elasticity of demand for single-family owner-occupied housing: an empirical reconciliation

Article Abstract:

Early housing research estimates demand elasticity for single-family, owner-occupied housing to range from 0.14 to 1.5. This range is much too wide to be useful in answering policy questions. Panel Study of Income Dynamics information is studied here to examine how sensitive this income elasticity is to several influences. Results indicate that sample population variations with regard to housing tenure duration explicate a big portion of the variation in the elasticity estimates. It is suggested that the probable value of the elasticity is about 0.70 for short-term applications. The probable value for long-range applications might be best seen as approximately 1.00.

Single family housing, Elasticity (Economics), Housing, Single family

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Participation behavior behavior and distributional consequences under a multiple constrained housing program

Article Abstract:

One of the conditions placed on participants in supply-side housing subsidy programs is that they must jointly accept the multiple constraints of the program. Determination of which potential participants will join the program and how program benefits will be distributed is analyzed. Benefit analysis is accomplished with the Hicksian consumer surplus measure. Data for the analysis is derived from the Section 8 New Construction program. It is demonstrated that the program's perceived benefit is a positive factor in determining participation and that the potential participant's income is a negative factor.

Methods, Housing subsidies, Municipal research

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A theoretical analysis of the supply of housing

Article Abstract:

An analysis of the supply function of housing in urban areas is presented which is based on the theory that a hedonic price function maps quality to the rent paid so as to support locational equilibrium. Research results suggest that when housing producers do not respond to increases in population and income in an area, increases in rent occur. The reverse is true for reductions in demand.

Housing, Cities and towns, Supply and demand

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