Abstract
This study investigates the impact of municipalities' financial condition on the housing values within that municipality. The data consist of 68,882 housing units located in 175 cities throughout 115 metropolitan statistical areas (MSAs), across 42 states. Information on the housing units and owners' characteristics are drawn from the 2011 Integrated Public Use Microdata Series (IPUMS) dataset and supplemented with MSA-level economic condition variables. The municipal financial information is drawn from the 2010 government census and consists of detailed information of every local government's finances. The empirical results provide evidence that the financial state of a municipality affects local housing values. In particular, engaging in long-term capital projects leads to higher housing values, while not spending revenues on public goods will not entice individuals to move to the area.
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