{"id":829,"date":"2020-04-28T11:45:28","date_gmt":"2020-04-28T03:45:28","guid":{"rendered":"http:\/\/localhost:8888\/?p=829"},"modified":"2025-12-26T17:52:05","modified_gmt":"2025-12-26T09:52:05","slug":"regional-migration-and-house-price-appreciation","status":"publish","type":"post","link":"https:\/\/www.gssinst.org\/irer\/2020\/04\/28\/regional-migration-and-house-price-appreciation\/","title":{"rendered":"Regional Migration and House Price Appreciation"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"829\" class=\"elementor elementor-829\" data-elementor-settings=\"[]\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-58ecc39 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"58ecc39\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6e83e74\" data-id=\"6e83e74\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2585a681 elementor-widget elementor-widget-text-editor\" data-id=\"2585a681\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\"><div class=\"article_label\">Article<\/div><p class=\"article_title\">Regional Migration and House Price Appreciation<\/p><div><p class=\"title_label_large\">Author<\/p><p class=\"title_label_large\">Start Page \/ End Page<\/p><p class=\"title_label\">Volume<\/p><p class=\"title_label\">Issue Number<\/p><p class=\"title_label\">Year<\/p><p class=\"title_label_large\">Publication<\/p><\/div><div><p><!-- Author \/ StartEndPage \/ Volume \/ IssueNumber \/ Year \/ Publication --><\/p><p class=\"title_text_large\">David E. Frame<\/p><p class=\"title_text_large\">96 \/ 112<\/p><p class=\"title_text\">11<\/p><p class=\"title_text\">1<\/p><p class=\"title_text\">2008<\/p><p class=\"title_text_large\">International Real Estate Review<\/p><\/div><div class=\"empty\">\u00a0<\/div><p class=\"abstract_label\">Abstract<\/p><p><!-- Abstract Content --><br \/>Despite both empirical and anecdotal evidence suggesting the importance of common systematic actors determining price appreciation in residential real estate markets, the existing literature focuses almost exclusively on the impact of local variables. This paper presents a theoretical model of an urban housing market allowing for explicit consideration of the role of interregional migration in response to changes in economic opportunities within a system of cities. The model identifies the importance of aggregate income and aggregate population growth in house price appreciation and suggests that housing demand and population growth within regions are jointly determined. Empirical tests of these predictions provide strong support for the model. In particular, changes in per-capita aggregate income are negatively related to both returns to housing and local population growth and omitting this systematic component from empirical specifications leads to an underestimation of the impact of local income. Furthermore, there is significant evidence of endogeneity problems in empirical specifications of the model that are similar to those found in the existing literature.<\/p><p>\u00a0<\/p><p><!-- PDF DownloadLink --><\/p><p class=\"download\"><a href=\"http:\/\/www.gssinst.org\/irer\/wp-content\/uploads\/2020\/10\/vol-11-no-1-regional-migration-and-house-price-appreciation.pdf\"><strong>View PDF -https:\/\/doi.org\/10.53383\/100092<\/strong><\/a><\/p><div class=\"empty\">\u00a0<\/div><p><a class=\"backpage\">Back to Previous Page<\/a><\/p><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<div>\n<p class=\"title_label_large\">Author<\/p>\n<p class=\"title_label_large\">Start Page \/ End Page<\/p>\n<p class=\"title_label\">Volume<\/p>\n<p class=\"title_label\">Issue Number<\/p>\n<p class=\"title_label\">Year<\/p>\n<p class=\"title_label_large\">Publication<\/p>\n<\/div>\n<div>\n<!-- Author \/ StartEndPage \/ Volume \/ IssueNumber \/ Year \/ Publication --><\/p>\n<p class=\"title_text_large\">David E. Frame<\/p>\n<p class=\"title_text_large\"> 96 \/ 112<\/p>\n<p class=\"title_text\">11<\/p>\n<p class=\"title_text\">1<\/p>\n<p class=\"title_text\">2008<\/p>\n<p class=\"title_text_large\">International Real Estate Review<\/p>\n<\/div>\n<p class=\"downloadLine\"><a href=\"https:\/\/www.um.edu.mo\/fba\/irer\/papers\/past\/vol11n1_pdf\/Article%205.pdf\">Download Entire Article.<img src=\"https:\/\/i.ibb.co\/m8rCXNQ\/download-pdf-large.png\" alt=\"download-pdf-large\" border=\"0\"> <\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"article-template.php","format":"standard","meta":[],"categories":[135,134],"tags":[],"_links":{"self":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/829"}],"collection":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/comments?post=829"}],"version-history":[{"count":4,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/829\/revisions"}],"predecessor-version":[{"id":4882,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/posts\/829\/revisions\/4882"}],"wp:attachment":[{"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/media?parent=829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/categories?post=829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.gssinst.org\/irer\/wp-json\/wp\/v2\/tags?post=829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}