Land and Property Values in the U.S.

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Land Prices for 46 Metro Areas

The data provided here contain estimates of the average value of housing, land, and
structures, and price indexes for land and housing, for the average single-family
detached owner-occupied housing unit in each of 46 large metropolitan areas in the
United States. The data set is quarterly spanning the 1984:4 2016:1 period.

The land price and quantity data are derived from data on housing values and
structures costs, and from price indexes for housing and construction costs. For each
of the included 46 metropolitan areas, house values and construction costs are
derived using micro data from the Metropolitan American Housing Survey in a
benchmark year. House values are reported directly in that survey, and construction
costs are based on the age and square footage of the house. House prices are
extrapolated forwards and backwards from the benchmark year using metro-area
CMHPI and Case-Shiller-Weiss (when available) house price indexes. Construction
costs are extrapolated forwards and backwards from the benchmark year indexes
using construction cost indexes published by the R.S. Means Corporation.

MSA-level price indexes

The 46 Metropolitan Areas in the study are as follows:

Midwest Southeast Southwest East Coast West Coast

Buffalo Atlanta Dallas Baltimore Los Angeles

Chicago Birmingham Denver Boston Oakland

Cincinnati Charlotte Fort Worth Hartford Portland

Cleveland Memphis Houston Miami Sacramento

Columbus Tampa New Orleans New York San Bernardino

Detroit Oklahoma City Norfolk San Diego

Indianapolis Phoenix Philadelphia San Francisco

Kansas City Salt Lake City Providence San Jose

Milwaukee San Antonio Washington, D.C. Santa Ana

Minneapolis Seattle

Pittsburgh

Rochester

St. Louis

For each of the metro areas in each quarter over the 1984:4 2016:1 period, the
following data are available:

Home Value Average value of housing

Structure Cost Average replacement cost of the housing structure, after depreciating the
structure based on its age

Land Value Average value of the land (Defined as "Home Value" less "Structure Cost")

Land Share 100 times Land Value divided by Home Value

(Pct)

Home Price Price index for housing

Index

Land Price Price index for land

Index

Use of data in a paper should include the following citation: Davis, Morris A. and
Michael G. Palumbo, 2007, "The Price of Residential Land in Large US
Cities," Journal of Urban Economics, vol. 63 (1), p. 352-384; data located at Land
and Property Values in the U.S., Lincoln Institute of Land
Policy http://www.lincolninst.edu/resources/