The Relationship between Median and Constant Quality House Prices: Implications for Setting FHA Loan Limits
研究发现1976-1985年间中位数房价每年高估恒定质量房价涨幅约2%，且区域差异与收入相关，据此评估提高FHA贷款上限的提案。
This paper examines the relationship between the asset price of housing and median sales price. We demonstrate: (1) median house prices (as reported by the National Association of Realtors) overstate the increase in constant‐quality house prices by about 2% per year over the 1976–1985 period; and (2) regional differences in median house prices and their rates of increase, respectively, are systematically related to regional differences in real incomes and their rates of increase. We use these results to evaluate the recent proposal to raise the FHA maximum loan limit ceiling from the current ceiling of $124,750 to 95% of the area median house price.