Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/113136
Authors: 
Lerbs, Oliver
Hiller, Norbert
Year of Publication: 
2015
Series/Report no.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2015: Ökonomische Entwicklung - Theorie und Politik - Session: Asset and Bond Markets B09-V2
Abstract: 
This paper investigates the long-run relationship between the size and age structure of a city s resident population and the price of local housing. For estimation purposes, we combine city-level demographic information with housing price data for 87 cities in Germany over 1995-2012. Employing a panel error correction framework that accounts for the evolution of city in-come and housing financing costs, we find that real urban house prices per-form stronger in cities that age less rapidly. A combination of the empirical estimates with current population projections suggests that population aging will exert considerable downward pressure on urban house prices in upcoming years.
JEL: 
G12
J11
R31
Document Type: 
Conference Paper

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