Amenities, Housing Affordability and Education Elites


主讲人:林振国,Full Professor,Florida International University




主讲人介绍:Dr. Zhenguo Lin is a Professor and Hollo Research Fellow at Florida International University. He received his Ph.D. from University of Wisconsin, Madison. His research is mainly focused on pricing illiquidity of private assets, mortgage markets, and housing market dynamics. His work has been cited by Federal Reserve, Department of the Treasury, Department of Housing and Urban Development (HUD), and National Affairs. His work has also appeared on several financial media outlets, including MarketWatch, Wall Street Journal-Smart Money, Yahoo Finance, Fox Business News, and the South Florida Business Journal.

内容介绍:Education Elites (i.e, higher-educated people) with new ideas and technologies are widely acknowledged to be a source of innovation and the engine of regional economic growth. A city that can attract higher-educated people will ultimately become the winner of future. This paper examines whether city amenities attract higher-educated people. Using three dierent datasets from China, we find that people with college degree or above are much more likely to choose the best amenity cites, which in fact results in 68.4% increase in the concentration of these higher-educated people. In addition, we find that people with master degree or above education can enjoy 45.61 percent income premium in the best amenity cities, and people with four-year college education can also enjoy 30.68 percent income premium. Furthermore, we find that these higher-educated people have much higher satisfaction on income and job promotion opportunity. However, with prices soaring in the best amenity cities, housing becomes increasingly unaordable. In fact, wend strong evidence that the attractiveness of the best amenity cities has declined over time. This finding suggests that policies that curb the rapid increase in housing prices in the best cities are necessary for local governments in order for their cities continuing to be the winner of future.

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