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Metropolitan Land Values

David Albouy¹; Gabriel Ehrlich²; Minchul Shin³

¹ University of Illinois and NBER · ² University of Michigan · ³ University of Illinois

We estimate the first cross-sectional index of transaction-based land values for every U.S. metropolitan area. The index accounts for geographic selection and incorporates novel shrinkage methods using a prior belief based on urban economic theory. Land values at the city center increase with city size, as do land-value gradients; both are highly variable across cities. Urban land values are estimated at more than two times GDP in 2006. These estimates are higher and less volatile than estimates from residual (total - structure) methods. Five urban agglomerations account for 48% of all urban land value in the United States.

DOI

10.1162/rest_a_00710

Volume

100 (3)

Pages

454-466

Language

en

Export

BibTeX

Sources

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