Metropolitan land values

David Albouy, Gabriel Ehrlich, Minchul Shin

Research output: Contribution to journalArticlepeer-review


We estimate the first cross-sectional index of transaction-based land values for every U.S. metropolitan area. The index accounts for geographic selection and incorporates novel shrinkage methods using a prior belief based on urban economic theory. Land values at the city center increase with city size, as do land-value gradients; both are highly variable across cities. Urban land values are estimated at more than two times GDP in 2006. These estimates are higher and less volatile than estimates from residual (total - structure) methods. Five urban agglomerations account for 48% of all urban land value in the United States.
Original languageEnglish (US)
Pages (from-to)454-466
Number of pages13
JournalReview of Economics and Statistics
Issue number3
StatePublished - Jul 1 2018

ASJC Scopus subject areas

  • Social Sciences (miscellaneous)
  • Economics and Econometrics


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