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Abstract
This paper evaluates the effects of regional house-price dispersion on interregional population mobility. In the place-to-place migration model developed, household moves depend upon the relative housing and labor market opportunities in the origin and destination regions, local amenities, population characteristics, and relocation costs. Estimation and simulation of a logistic model suggest that house price differentials are important determinants of household moves and operate to offset some of the added incentive to migrate to areas characterized by the most favorable labor market conditions. Moreover, these findings apparently stem, in part, from capital market imperfections, suggesting that the effectiveness of migration as a labor allocation mechanism could be improved by addressing cash-flow affordability issues. The estimating equations further evaluate alternative housing market indicators, including mortgage-servicing costs and home-ownership user costs, in the analysis of household mobility.
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