Residential Location and Urban Housing Markets

Before the 1960s most studies of housing by economists emphasized the macroeconomic aspects of housing markets, such as the role of residential construction in the business cycle, and the aggregate value of residential real estate. In addition, economists interested in financial markets became involved in the analysis of housing markets through their studies of real estate mortgage markets. Although work on the macroeconomic side of housing markets has continued, in the early 1960s many economists began to study microeconomic and spatial aspects of housing markets in urban areas, including topics such as the household's choice of residential location and type of dwelling unit; the structure of housing prices within urban areas; the behavior of housing producers; and the provision of public services by local governments. This volume focuses upon this area of the economics of residential location and urban housing markets.