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Working Paper 19-01: The Price of Residential Land for Counties, ZIP codes, and Census Tracts in the United States

Published: 1/2/2019
Author:

​William Larson (FHFA), Jessica Shui (FHFA), Morris Davis (Rutgers), Stephen Oliner (AEI)

*Updated 10/15/2019

Abstract:

We use data on the appraised land value from a data set of more than 14 million appraisals to produce annual estimates of the average price of land used in single-family housing. We generate a balanced panel of data on land value for more than 1,000 counties, 9,000 ZIP codes, and 19,000 census tracts in the United States between 2012 and 2018, covering 87% of the population and 85% of all single-family homes.  A number of key findings emerge from these data: for example, land prices in most areas increased between 2012 and 2018; land prices tended to rise faster than house prices; and on average, land's share of home value increased in large cities and declined in small cities.  The land prices we generate are intended to aid researchers in Urban and Regional Economics and policy-makers monitoring the health of the nation's single-family housing market and are available for free download at https://www.fhfa.gov/papers/wp1901.aspx.

Note: These indices are works in progress and all data, tables, figures, and other results in this working paper are subject to change.

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