Scott A. Wentland
4600 Silver Hill Rd
Suitland, MD 20746
Institutional Affiliation: Bureau of Economic Analysis
NBER Working Papers and Publications
|April 2019||Valuing Housing Services in the Era of Big Data: A User Cost Approach Leveraging Zillow Microdata|
in Big Data for 21st Century Economic Statistics, Katharine G. Abraham, Ron S. Jarmin, Brian Moyer, and Matthew D. Shapiro
Historically, residential housing services or “space rent” for owner-occupied housing has made up a substantial portion (approximately 10%) of U.S. GDP final expenditures. The current methods and imputations for this estimate employed by the Bureau of Economic Analysis (BEA) rely primarily on designed survey data from the Census Bureau. In this study, we develop new, proof-of-concept estimates valuing housing services based on a user cost approach, utilizing detailed microdata from Zillow (ZTRAX), a “big data” set that contains detailed information on hundreds of millions of market transactions. Methodologically, this kind of data allows us to incorporate actual market prices into the estimates more directly for property-level hedonic imputations, providing an example for statistical agenc...