Did the COVID-19 Pandemic Crisis Affect Housing Prices Evenly in the U.S.?

While it is well-known that housing prices generally increased in the United States (U.S.) during the COVID-19 pandemic crisis, to the best of our knowledge, there has been no research conducted to understand the spatial patterns and heterogeneity of housing price changes in the U.S. real estate mar...

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Autores principales:	Xinba Li, Chuanrong Zhang
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	housing price COVID-19 real estate spatial pattern United States Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
Acceso en línea:	https://doaj.org/article/f1a8d46321304d49a6b3e6a4b51af17b
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spelling	oai:doaj.org-article:f1a8d46321304d49a6b3e6a4b51af17b2021-11-11T19:49:54ZDid the COVID-19 Pandemic Crisis Affect Housing Prices Evenly in the U.S.?10.3390/su1321122772071-1050https://doaj.org/article/f1a8d46321304d49a6b3e6a4b51af17b2021-11-01T00:00:00Zhttps://www.mdpi.com/2071-1050/13/21/12277https://doaj.org/toc/2071-1050While it is well-known that housing prices generally increased in the United States (U.S.) during the COVID-19 pandemic crisis, to the best of our knowledge, there has been no research conducted to understand the spatial patterns and heterogeneity of housing price changes in the U.S. real estate market during the crisis. There has been less attention on the consequences of this pandemic, in terms of the spatial distribution of housing price changes in the U.S. The objective of this study was to explore the spatial patterns and heterogeneous distribution of housing price change rates across different areas of the U.S. real estate market during the COVID-19 pandemic. We calculated the global Moran’s <i>I</i>, Anselin’s local Moran’s <i>I</i>, and Getis-Ord’s <inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><mrow><msubsup><mi>G</mi><mi>i</mi><mo>∗</mo></msubsup></mrow></semantics></math></inline-formula> statistics of the housing price change rates in 2856 U.S. counties. The following two major findings were obtained: (1) The influence of the COVID-19 pandemic crisis on housing price change varied across space in the U.S. The patterns not only differed from metropolitan areas to rural areas, but also varied from one metropolitan area to another. (2) It seems that COVID-19 made Americans more cautious about buying property in densely populated urban downtowns that had higher levels of virus infection; therefore, it was found that during the COVID-19 pandemic year of 2020–2021, the housing price hot spots were typically located in more affordable suburbs, smaller cities, and areas away from high-cost, high-density urban downtowns. This study may be helpful for understanding the relationship between the COVID-19 pandemic and the real estate market, as well as human behaviors in response to the pandemic.Xinba LiChuanrong ZhangMDPI AGarticlehousing priceCOVID-19real estatespatial patternUnited StatesEnvironmental effects of industries and plantsTD194-195Renewable energy sourcesTJ807-830Environmental sciencesGE1-350ENSustainability, Vol 13, Iss 12277, p 12277 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	housing price COVID-19 real estate spatial pattern United States Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
spellingShingle	housing price COVID-19 real estate spatial pattern United States Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350 Xinba Li Chuanrong Zhang Did the COVID-19 Pandemic Crisis Affect Housing Prices Evenly in the U.S.?
description	While it is well-known that housing prices generally increased in the United States (U.S.) during the COVID-19 pandemic crisis, to the best of our knowledge, there has been no research conducted to understand the spatial patterns and heterogeneity of housing price changes in the U.S. real estate market during the crisis. There has been less attention on the consequences of this pandemic, in terms of the spatial distribution of housing price changes in the U.S. The objective of this study was to explore the spatial patterns and heterogeneous distribution of housing price change rates across different areas of the U.S. real estate market during the COVID-19 pandemic. We calculated the global Moran’s <i>I</i>, Anselin’s local Moran’s <i>I</i>, and Getis-Ord’s <inline-formula><math xmlns="http://www.w3.org/1998/Math/MathML" display="inline"><semantics><mrow><msubsup><mi>G</mi><mi>i</mi><mo>∗</mo></msubsup></mrow></semantics></math></inline-formula> statistics of the housing price change rates in 2856 U.S. counties. The following two major findings were obtained: (1) The influence of the COVID-19 pandemic crisis on housing price change varied across space in the U.S. The patterns not only differed from metropolitan areas to rural areas, but also varied from one metropolitan area to another. (2) It seems that COVID-19 made Americans more cautious about buying property in densely populated urban downtowns that had higher levels of virus infection; therefore, it was found that during the COVID-19 pandemic year of 2020–2021, the housing price hot spots were typically located in more affordable suburbs, smaller cities, and areas away from high-cost, high-density urban downtowns. This study may be helpful for understanding the relationship between the COVID-19 pandemic and the real estate market, as well as human behaviors in response to the pandemic.
format	article
author	Xinba Li Chuanrong Zhang
author_facet	Xinba Li Chuanrong Zhang
author_sort	Xinba Li
title	Did the COVID-19 Pandemic Crisis Affect Housing Prices Evenly in the U.S.?
title_short	Did the COVID-19 Pandemic Crisis Affect Housing Prices Evenly in the U.S.?
title_full	Did the COVID-19 Pandemic Crisis Affect Housing Prices Evenly in the U.S.?
title_fullStr	Did the COVID-19 Pandemic Crisis Affect Housing Prices Evenly in the U.S.?
title_full_unstemmed	Did the COVID-19 Pandemic Crisis Affect Housing Prices Evenly in the U.S.?
title_sort	did the covid-19 pandemic crisis affect housing prices evenly in the u.s.?
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/f1a8d46321304d49a6b3e6a4b51af17b
work_keys_str_mv	AT xinbali didthecovid19pandemiccrisisaffecthousingpricesevenlyintheus AT chuanrongzhang didthecovid19pandemiccrisisaffecthousingpricesevenlyintheus
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Did the COVID-19 Pandemic Crisis Affect Housing Prices Evenly in the U.S.?

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