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The impact of the COVID-19 pandemic on the demand for density: Evidence from the U.S. housing market

We study the impact of the COVID-19 pandemic on the location demand for housing. We find that the pandemic has led to a shift in housing demand away from neighborhoods with high population density. The reduced demand for density is driven partially by the diminished need for living close to telework...

Descripción completa

Detalles Bibliográficos
Autores principales: Liu, Sitian, Su, Yichen
Formato: Online Artículo Texto
Lenguaje:English
Publicado: Elsevier B.V. 2021
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8439176/
https://www.ncbi.nlm.nih.gov/pubmed/34538990
http://dx.doi.org/10.1016/j.econlet.2021.110010
Descripción
Sumario:We study the impact of the COVID-19 pandemic on the location demand for housing. We find that the pandemic has led to a shift in housing demand away from neighborhoods with high population density. The reduced demand for density is driven partially by the diminished need for living close to telework-compatible jobs and the declining value of access to consumption amenities. Neighborhoods with high pre-COVID-19 home values also see a greater drop in housing demand. Moreover, we find a significant shift in housing demand away from large cities, though the magnitude is smaller.