Land Value

Project #976 on iSENSEProject.org

Data from the Lincoln Institute. The data provided here are estimates for 50 U.S. states and the District of Columbia of the prices and quantities of residential housing and its two components, land and structures. Estimated figures are all in nominal dollars (not in constant dollars adjusted for inflation) and reported quarterly from the first quarter of 1975 to the latest available quarter.

Quarterly values are estimated for six variables as follows:

• Home Value. This average value of owner-occupied houses (inclusive of land and structure) is estimated.
• Structure Cost. This is the replacement cost, after accounting for depreciation, of a typical owner-occupied housing structure for each state. 
• Land Value. The average value of land in each quarter is the Home Value less the replacement Structure Cost. 
• Land Share. The land share is Land Value as a percent of Home Value.
• Home Price Index. The Home Price Index is based on the adjusted FHFA indexes used to compute the Home Value series. The second quarter of 1990 is defined as 100.
• Land Price Index. The Land Price Index is calculated with the method of Davis and Heathcote (2007) using estimates of the home value, the replacement cost of structures, land value, and the home price index. The second quarter of 1990 is defined as 100.