IDEAS home Printed from https://ideas.repec.org/a/fip/fedker/00004.html
   My bibliography  Save this article

The demographic shift from single-family to multifamily housing

Author

Listed:
  • Jordan Rappaport

Abstract

The crash of the U.S. housing market triggered the worst U.S. recession since the 1930s. Beginning in late 2009, multifamily construction rebounded strongly. Beginning in mid-2011, single-family construction began to rebound as well. But during the first half of 2013, growth of both types of construction paused. Rappaport examines the demographic forces shaping demand for residential construction. At the end of 2012, the number of occupied single-family housing units was moderately below its demographic trend level and the number of occupied multifamily housing units was considerably below its demographic trend level. Hence residential construction of both types is likely to pick up in the near future. Over the longer term, slowing U.S. population growth is likely to put downward pressure on both types of construction. Downsizing by aging baby boomers will exacerbate this downward pressure on single-family construction but offset it for multifamily construction. Hence the long-term outlook is considerably stronger for multifamily construction.

Suggested Citation

  • Jordan Rappaport, 2013. "The demographic shift from single-family to multifamily housing," Economic Review, Federal Reserve Bank of Kansas City, issue Q IV, pages 29-58.
    • Handle: RePEc:fip:fedker:00004
    as

    Download full text from publisher

    File URL: https://www.kansascityfed.org/documents/932/2013-The%20Demographic%20Shift%20From%20Single-Family%20to%20Multifamily%20Housing.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Edward L. Glaeser & Joseph Gyourko, 2005. "Urban Decline and Durable Housing," Journal of Political Economy, University of Chicago Press, vol. 113(2), pages 345-375, April.
    2. Rappaport, Jordan, 2008. "A productivity model of city crowdedness," Journal of Urban Economics, Elsevier, vol. 63(2), pages 715-722, March.
    3. Glaeser, Edward L & Gyourko, Joseph & Saks, Raven, 2005. "Why Is Manhattan So Expensive? Regulation and the Rise in Housing Prices," Journal of Law and Economics, University of Chicago Press, vol. 48(2), pages 331-369, October.
    4. Mankiw, N. Gregory & Weil, David N., 1989. "The baby boom, the baby bust, and the housing market," Regional Science and Urban Economics, Elsevier, vol. 19(2), pages 235-258, May.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Jeffrey P. Cohen & Cletus C. Coughlin & Vincent W. Yao, 2016. "Sales of Distressed Residential Property: What Have We Learned from Recent Research?," Review, Federal Reserve Bank of St. Louis, vol. 98(3), pages 159-188.
    2. Jordan Rappaport, 2015. "Millennials, baby boomers, and rebounding multifamily home construction," Macro Bulletin, Federal Reserve Bank of Kansas City, pages 1-2, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. An-Ming Wang, 2016. "Agglomeration and simplified housing boom," Urban Studies, Urban Studies Journal Limited, vol. 53(5), pages 936-956, April.
    2. Duranton, Gilles & Puga, Diego, 2014. "The Growth of Cities," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 2, chapter 5, pages 781-853, Elsevier.
    3. Tirthatanmoy Das & Kabir Dasgupta, 2018. "Evaluating the Impact of Mothers' Self-esteem on Early Childhood Home Environment: Evidence from NLSY," Working Papers 2018-03 JEL Classificatio, Auckland University of Technology, Department of Economics, revised Oct 2019.
    4. Teulings, Coen & Lange, Rutger-Jan, 2021. "The option value of vacant land: Don't build when demand for housing is booming," CEPR Discussion Papers 16023, C.E.P.R. Discussion Papers.
    5. Christian A. L. Hilber, 2019. "Immobilienpreise und Immobilienzyklen und die Rolle von Angebotsbeschränkungen [The impact of local supply constraints on house prices and price dynamics]," Zeitschrift für Immobilienökonomie (German Journal of Real Estate Research), Springer;Gesellschaft für Immobilienwirtschaftliche Forschung e. V., vol. 5(1), pages 37-65, November.
    6. Gilles Duranton & Diego Puga, 2023. "Urban Growth and Its Aggregate Implications," Econometrica, Econometric Society, vol. 91(6), pages 2219-2259, November.
    7. Christian A. L. Hilber & Wouter Vermeulen, 2016. "The Impact of Supply Constraints on House Prices in England," Economic Journal, Royal Economic Society, vol. 126(591), pages 358-405, March.
    8. Edward L. Glaeser, 2012. "Urban Public Finance," NBER Working Papers 18244, National Bureau of Economic Research, Inc.
    9. Edward L. Glaeser & Joseph Gyourko, 2005. "Urban Decline and Durable Housing," Journal of Political Economy, University of Chicago Press, vol. 113(2), pages 345-375, April.
    10. Arthur Grimes & Andrew Aitken, 2006. "Housing Supply and Price Adjustment," Working Papers 06_01, Motu Economic and Public Policy Research.
    11. Chang-Tai Hsieh & Enrico Moretti, 2019. "Housing Constraints and Spatial Misallocation," American Economic Journal: Macroeconomics, American Economic Association, vol. 11(2), pages 1-39, April.
    12. Edward Glaeser & Joseph Gyourko, 2018. "The Economic Implications of Housing Supply," Journal of Economic Perspectives, American Economic Association, vol. 32(1), pages 3-30, Winter.
    13. Ritashree Chakrabarti & Junfu Zhang, 2010. "Unaffordable housing and local employment growth," New England Public Policy Center Working Paper 10-3, Federal Reserve Bank of Boston.
    14. Michael Manville & Michael Lens & Paavo Monkkonen, 2022. "Zoning and affordability: A reply to Rodríguez-Pose and Storper," Urban Studies, Urban Studies Journal Limited, vol. 59(1), pages 36-58, January.
    15. Goodman, Allen C., 2013. "Is there an S in urban housing supply? or What on earth happened in Detroit?," Journal of Housing Economics, Elsevier, vol. 22(3), pages 179-191.
    16. Hilber, Christian A. L. & Vermeulen, Wouter, 2012. "The impact of supply constraints on house prices in England," LSE Research Online Documents on Economics 59254, London School of Economics and Political Science, LSE Library.
    17. Bo Feng & Mark Partridge & Mark Rembert, 2018. "The Perils of Modelling How Migration Responds to Climate Change," Advances in Spatial Science, in: Roger R. Stough & Karima Kourtit & Peter Nijkamp & Uwe Blien (ed.), Modelling Aging and Migration Effects on Spatial Labor Markets, chapter 0, pages 53-75, Springer.
    18. Rapach, David E. & Strauss, Jack K., 2009. "Differences in housing price forecastability across US states," International Journal of Forecasting, Elsevier, vol. 25(2), pages 351-372.
    19. Hilber, Christian Albin Lukas & Mense, Andreas, 2021. "Why have house prices risen so much more than rents in superstar cities?," LSE Research Online Documents on Economics 114283, London School of Economics and Political Science, LSE Library.
    20. Andrew Haughwout & Richard W. Peach & John Sporn & Joseph Tracy, 2012. "The Supply Side of the Housing Boom and Bust of the 2000s," NBER Chapters, in: Housing and the Financial Crisis, pages 69-104, National Bureau of Economic Research, Inc.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:fip:fedker:00004. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Zach Kastens (email available below). General contact details of provider: https://edirc.repec.org/data/frbkcus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.