https://macropaperwarehouse.com/authors/rowena-gray/Rowena GrayHugo -- gohugo.ioen-ushttps://macropaperwarehouse.com/papers/the-price-of-housing-in-the-united-states-18902006/https://macropaperwarehouse.com/papers/the-price-of-housing-in-the-united-states-18902006/<p>Lyons, Shertzer, Gray, and Agorastos construct the first consistent, annual, quality-adjusted market rent and home sales price series for American cities spanning 1890–2006. The paper addresses a fundamental data gap: no annual city-level series existed for market rents at any point in the 20th century, and no annual city-level sales price series existed prior to 1975. Existing national series—the BLS Rent of Primary Residence (RoPR) for rents and the Shiller index for sales—carry well-documented methodological limitations that the authors argue have produced materially misleading stylized facts about long-run U.S. housing markets.</p>