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A Journal Article from International Monetary Fund (2023) "The Pricing-Out Phenomenon in the U.S. Housing Market"

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A Journal Article from International Monetary Fund (2023) "The Pricing-Out Phenomenon in the U.S. Housing Market"

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The Pricing-Out Phenomenon in the U.S. Housing Market

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The COVID-19 pandemic further extended the multi-year housing boom in advanced economies and emerging markets alike against massive monetary easing during the pandemic. In this paper, we analyze the pricing-out phenomenon in the U.S. residential housing market due to higher house prices associated with monetary easing. We first set up a stylized general equilibrium model and show that although monetary easing decreases the mortgage payment burden, it would raise house prices, lower housing affordability for first-time homebuyers, and increase housing wealth inequality between first-time and repeat homebuyers. We then use the U.S. household-level data to quantify the effect of the house price change on housing affordability relative to that of the interest rate change. We find evidence of the pricing-out effect for all homebuyers; moreover, we find that the pricing-out effect is stronger for first-time homebuyers than for repeat homebuyers. The paper highlights the importance of accounting for general equilibrium effects and distributional implications of monetary policy while assessing housing affordability. It also calls for complementing monetary easing with well-targeted policy measures that can boost housing affordability, particularly for first-time and lower-income households. Such measures are also needed during aggressive monetary tightening, given that the fall in house prices may be insufficient or too slow to fully offset the immediate adverse impact of higher rates on housing affordability.

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A journal article from The Socio-Economic Review (2016), "Mortgage worries: young adults and the US housing crisis Get access Arrow"

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A journal article from The Socio-Economic Review (2016), "Mortgage worries: young adults and the US housing crisis Get access Arrow"

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Mortgage worries: young adults and the US housing crisis

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The 2008 housing crisis and the changes in lending practices that led up to it shook the status of home loans as secure debt in the USA. The crisis hit dur

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A journal article from Urban Studies (2020), "Housing affordability sets us apart: The effect of rising housing prices on relocation behaviour"

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A journal article from Urban Studies (2020), "Housing affordability sets us apart: The effect of rising housing prices on relocation behaviour"

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Housing affordability sets us apart: The effect of rising housing prices on relocation behaviour - Tim Winke, 2021

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Life course events such as new offspring or job loss affect a household’s demand for housing. At the same time, dynamics in the real estate market constrain whe…

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A CNN article from 2024, "An affordability crisis is making some young Americans give up on ever owning a home"

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A CNN article from 2024, "An affordability crisis is making some young Americans give up on ever owning a home"

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An affordability crisis is making some young Americans give up on ever owning a home | CNN Business

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Americans are living through the toughest housing market in a generation and, for some young people, the quintessential dream of owning a home is slipping away.

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A 2025 article from The Gaurdian, "‘I feel trapped’: how home ownership has become a nightmare for many Americans"

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A 2025 article from The Gaurdian, "‘I feel trapped’: how home ownership has become a nightmare for many Americans"

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A CBS News article from 2023, "More young adults are living at home across the U.S. Here's why."

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A CBS News article from 2023, "More young adults are living at home across the U.S. Here's why."

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More young adults are living at home across the U.S. Here’s why.

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Roughly 45% of Americans ages 18 to 29 are living at home with their families — the highest level in 70 years, new data shows.