TY  - JOUR
AU  - Green,Richard K.
AU  - Hendershott,Patric H.
TI  - Demographic Factors and Real House Prices
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 4332
PY  - 1993
Y2  - April 1993
UR  - http://www.nber.org/papers/w4332
L1  - http://www.nber.org/papers/w4332.pdf
N1  - Author contact info:
Richard Green
Tepper School of Business
Carnegie Mellon University
Pittsburgh, PA 15213
Tel: 412/268-2302
E-Mail: rcgreen@cmu.edu

Patric H. Hendershott
Fisher Hall
Ohio State University
2100 Neil Avenue
Columbus, OH 43210
Tel: 218/963-1393
Fax: 218/963-9484
E-Mail: hendershott.2@osu.edu
AB  - Real house prices are directly determined by the willingness of households to pay for (and willingness of builders to supply) a constant-quality house. Changes in the quantity of housing demanded will affect real prices only to the extent that the long-run housing supply schedule is positively sloped. In this paper we use 1980 census data to measure the impact of the age structure and real income per household on the willingness of households to pay for a constant quality house. Extrapolating these variables forward to 2010, we conclude that evolving demographic forces are likely to raise real house prices. not lower them.
ER  -