Gentrification, Mobility, and Consumption
Giacomo De Giorgi, Enrico Moretti, Harrison Wheeler
TL;DR
This paper investigates how localized housing price increases influence renters' mobility, consumption, and credit behavior, revealing distinct responses between movers and stayers consistent with a spatial equilibrium model.
Contribution
It provides new empirical evidence on the differential impacts of housing price hikes on renters' mobility and consumption behaviors.
Findings
Movers increase consumption, home, and car purchases.
Stayers show minimal changes in consumption.
Results align with a spatial equilibrium model.
Abstract
We study the effect of localized housing price hikes on renters' mobility, consumption, and credit outcomes. Consistent with a spatial equilibrium model, we find that the consumption responses vary greatly for movers and stayers. While movers increase their consumption, purchase homes, and cars, stayers are relatively unaffected.
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Taxonomy
TopicsMigration, Aging, and Tourism Studies · Sharing Economy and Platforms