NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Baby Boom, The Baby Bust, and the Housing Market

N. Gregory Mankiw, David N. Weil

NBER Working Paper No. 2794 (Also Reprint No. r1357)*
Issued in March 1990
NBER Program(s):   EFG

This paper examines the impact of major demographic changes on the

housing market in the United States. The entry of the Baby Boom generation

into its house-buying years is found to be the major cause of the increase

in real housing prices in the l97Os. Since the Baby Bust generation is now

entering its house-buying years, housing demand will grow more slowly in the

1990s than in any time in the past forty years. If the historical relation

between housing demand and housing prices continues into the future, real

housing prices will fall substantially over the next two decades.

*Published: Regional Science and Urban Economics, Vol. 19, No. 2, pp. 235-258, (May 198 9).

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