People’s housing decisions incorporate much more than mere economic concerns. Yet the geographical distribution of households reflects some rough balancing of the costs and benefits of living in one place rather than another. Other things equal, people flock to areas that provide access to good jobs or desirable amenities, like pleasant weather, or a lively arts scene.
In the past two decades, shifts in demand have given rise to a new equilibrium. Rising incomes in knowledge-economy industries attracted workers to a few highly productive places , and increases in congestion and commuting costs encouraged many to live near work. Housing costs in high-wage cities rocketed, propelled by restrictive zoning policies that prevented housebuilding from keeping up with demand.
In fact, both appear to be occurring. In 2020 price gradients flattened between metropolitan areas, as house prices in low-cost cities rose faster than those in high-cost cities, and also within them, as prices in low-cost suburban counties rose faster than those in high-cost urban ones. Another recent paper, by Arpit Gupta and Jonas Peeters of New York University and Vrinda Mittal and Stijn Van Nieuwerburgh of Columbia University, arrives at a similar conclusion.
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