The price of residential land for counties, ZIP codes, and census tracts in the United States

Morris A. Davis, William D. Larson, Stephen D. Oliner, Jessica Shui

Research output: Contribution to journalArticlepeer-review

2 Scopus citations

Abstract

Data from millions of appraisals in 2012–2019 are used to estimate residential land prices, the share of house value attributable to land, and related statistics down to the census-tract level for areas that include the vast majority of U.S. population and single-family housing. The results confirm predictions about land prices from canonical urban models. Over 2012–2019, we show that land prices rose faster than house prices in large metro areas, boosting the land share of house value, while the land share fell in smaller metros. The data are available for download at https://www.fhfa.gov/papers/wp1901.aspx.

Original languageAmerican English
Pages (from-to)413-431
Number of pages19
JournalJournal of Monetary Economics
Volume118
DOIs
StatePublished - Mar 2021

ASJC Scopus subject areas

  • Finance
  • Economics and Econometrics

Keywords

  • Land leverage
  • Land prices
  • Price gradient
  • Standard urban model

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