Comment: The US housing puzzle

A new NBER working paper finds that there is "little evidence" of housing bubbles in the US. The authors argue that even in the highest-price cities, housing is perhaps only slightly more expensive than average.


Conventional metrics for assessing prices in a housing market, such as price-to-rent ratios or price-to-income ratios, generally fail to reflect accurately the state of housing costs.

The authors start by admitting that "the market sure feels like a bubble". The

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