Replication data for: The Housing Market(s) of San Diego

This paper uses an assignment model to understand the cross section of house prices within a metro area. Movers' demand for housing is derived from a life-cycle problem with credit market frictions. Equilibrium house prices adjust to assign houses that differ by quality to movers who differ by age, income, and wealth. To quantify the model, we measure distributions of house prices, house qualities, and mover characteristics from micro-data on San Diego County during the 2000s boom. The main result is that cheaper credit for poor households was a major driver of prices, especially at the low end of the market. (JEL D14, D91, R21, R31)

本文采用匹配模型（assignment model），对大都市区内住房价格的截面分布展开剖析。搬迁住户的住房需求源自纳入信贷市场摩擦的生命周期决策问题。均衡住房价格通过调整，将不同品质的住房匹配给年龄、收入与财富存在异质性的搬迁住户。为量化该模型，我们依托2000年代楼市繁荣期圣迭戈县的微观数据，测算得到住房价格、住房品质以及搬迁住户特征的分布情况。本文核心研究结果表明：面向低收入家庭的低息信贷是推高住房价格的核心驱动因素，该效应在低端住房市场尤为突出。（JEL D14, D91, R21, R31）