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Wiley InterScience | |||||||||||||||||||
  Real Estate EconomicsVolume 17 Issue 1, Pages 87 - 99 Published Online: 30 Sep 2003 ©2009 American Real Estate and Urban Economics Association Published on behalf of the American Real Estate and Urban Economics Association
Abstract | References | Full Text: PDF (Size: 958K) | Related Articles | Citation Tracking  Estimating Homeownership Costs: Owners' Estimates of Implicit Rents and the Relative Importance of Rental Equivalence in the Consumer Price Index Copyright American Real Estate and Urban Economics Association ABSTRACTThis paper discusses the relative importance of Rental Equivalence (REQ) in the U.S. Consumer Price Index. A hedonic model of rents is estimated, and the resulting parameters are then used to compare hedonic estimates of implicit rents to homeowner estimates like those actually used to estimate the REQ expenditure weight. There are several reasons why hedonic estimates might be below actual implicit rents, and these effects are controlled for in the model. Owner estimates of implicit rents are then shown to be comparable to such hedonic estimates. Results support the method used to estimate the expenditure weight. Date Received: April 18, 1988; Revised: September 14, 1988. | 
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