Commuting Costs and Geographic Sorting in the Housing Market
研究发现汽油价格上涨会改变住房需求，使市场转向通勤成本较低的地区，每加仑汽油每增加1美元，每多一英里通勤距离的房屋价值下降0.143%。
Abstract The demand for housing is heavily influenced by access to employment opportunities. The cost of gasoline determines, in part, the cost of such access and therefore the relative demand across markets with varying commuting needs. Locally exogenous gasoline price movements demonstrate the causal impact of higher fuel costs on housing markets: a shift of market demand toward real estate markets with less costly commutes. Higher fuel prices increase the value of real estate with shorter commutes and easier access to driving alternatives relative to more driving dependent homes. Every incremental $1 per gallon of gasoline reduces home values by 0.143% for every additional mile relative to counterfactual markets, or $5,200 for the average home and commute. This translates into a discount rate of 6.4%, comparable to mortgage rates for the period.