Phillips, C. P. & Bourassa, S. C. (2025). The State of the State’s Housing 2025: Supply and Affordability in Washington State. Washington Center for Real Estate Research. College of Built Environments, University of Washington.
Department: Runstad Department of Real Estate
The State of the State’s Housing 2024: Supply and Affordability in Washington State
Phillips, C. P., Bourassa, S. C., & Virant, M. A. (2024). The State of the State’s Housing 2024: Supply and Affordability in Washington State. Washington Center for Real Estate Research. College of Built Environments, University of Washington.
Understanding the financial health of community land trusts in the United States
Wang, R. (2025). Understanding the financial health of community land trusts in the United States. Journal of Urban Affairs, 1–21. https://doi.org/10.1080/07352166.2025.2554755.
Abstract
This article examines the financial health of community land trusts (CLTs) in the United States. CLTs are nonprofit organizations that ensure long-term community assets and equitable land use, playing a critical role in community development. Despite the importance of financial health to their mission, little is known about their financial performance over time. Using Internal Revenue Service (IRS) data and survey responses, the article found that CLTs are among the financially top-performing community-based development organizations between 2012 and 2021. Further analysis found that CLTs’ financial performances vary based on organizational characteristics such as the organization’s age, location, CLT type, and the presence of shared equity units. The study highlights the need for conceptualizing multidimensional financial indicators that account for both internal and external factors, emphasizing the importance of strategic investments to support CLT’s long-term community-focused goals.
Keywords
Community land trust; Nonprofits; Financial health; Community development; United States
Reflections on hedonic price modeling
Bourassa, S.C., Hoesli, M., Mayer, M. and Stalder, N. (2025), “Reflections on hedonic price modeling”, Journal of European Real Estate Research, Vol. ahead-of-print No. ahead-of-print. https://doi.org/10.1108/JERER-11-2024-0087
Abstract
Purpose
This paper provides a critical history of residential hedonic price modeling, highlighting key issues and advances. It is based on the keynote address presented by the first author at the European Real Estate Society Annual Conference in Sopot (Gdańsk), Poland, in June 2024.
Design/methodology/approach
The core of the paper is a high-level review of the methodological literature, focusing on three issues: model specification, multicollinearity and functional form. This review is framed by an early example of hedonic price modeling and a current application. These examples demonstrate key issues and advances in hedonic price modeling.
Findings
Hedonic price research has expanded dramatically with the advent of personal computing. Increased availability of data has enabled better model specification. At the same time, the development of interpretable machine learning techniques has allowed much more flexible modeling of functional form. However, multicollinearity continues to be, by definition, an intractable problem.
Originality/value
This paper presents a review of residential hedonic price modeling intended to provide researchers with a useful high-level perspective on the topic. A case study of Gdańsk illustrates an approach to producing interpretable results from machine learning estimations.
Keywords
Hedonic modeling; house prices; specification issues; multicollinearity; functional form; interpretable machine learning; R31
2025 Inspire Fund Awardees Selected
The 2025 Inspire Fund Awardees have been selected! See more information about their projects below. Project Title: “Enhancing Feasibility and Evaluation for the Housing Choice Voucher Homeownership Program in King County” Team: Vince Wang (Runstad Department of Real Estate), Zhongmin Evy Luo (PhD student, Built Environments), Kristin Pace (KCHA) Project Title: “Wildfire Smoke Readiness of Low-Income Households in Seattle” Amos Darko (Construction Management), Alvina Ekua Ntefua Saah (PhD Student, College of Built Environments) Project Title: “Equitable Public Electric Vehicle Charging…
Affordable Housing in the United States
Colburn, Gregg, and Rebecca J. Walter. Affordable Housing in the United States. Routledge, 2025.
Abstract
Affordable Housing in the United States addresses the issue of affordability of housing, or the lack thereof, going beyond conventional policy discussions to consider fundamental questions such as: What makes housing affordable and for whom is it affordable? What are the consequences of a lack of affordable housing? How is affordable housing created? And what steps can be taken to ensure all people have access to affordable housing?
With the understanding that different households face different challenges, the book begins by breaking down the variables relevant to the study of affordable housing, including housing costs, household income, geographic location, and market forces, to help readers understand and quantify affordability at the individual and societal level. Part II examines the consequences of unaffordable housing, highlighting racial inequities in housing access and affordability, and multiple forms of housing precarity including eviction and homelessness. Part III explores the entities involved in providing affordable housing such as local and federal governments, regulatory agencies, non-profit organizations, and for-profit developers. In Part IV, case studies from US cities demonstrate the complex web of organizations, policies, and market conditions that influence housing affordability, revealing substantial regional variations in access and policy response. Part V proposes a future roadmap and outlines four potential states with radically different outcomes for the affordable housing system in the United States.
An ideal book for graduate and undergraduate courses in economics, public policy, real estate finance and development, sociology, and urban planning, this title will also be of value to professionals and policymakers seeking to understand and improve housing affordability and access.
Do inclusionary zoning policies affect local housing markets? An empirical study in the United States
Ruoniu (Vince) Wang, Wei Kang, Xinyu Fu, Do inclusionary zoning policies affect local housing markets? An empirical study in the United States, Cities, Volume 158, 2025, 105736, ISSN 0264-2751, https://doi.org/10.1016/j.cities.2025.105736.
Abstract
In the face of a housing affordability crisis, many cities have adopted inclusionary zoning (IZ) policies to increase the supply of affordable housing. Yet, IZ remains a controversial local policy due to its varied and inconclusive effects on housing market outcomes. This study investigates this debate by adopting a quasi-experimental design with a national dataset of IZ policies in the United States. We find that, on average, IZ policies did not affect municipality-wide housing permits or rents. However, the implementation of IZ resulted in an average of 2.1 % increase in home prices. Our results also underscore the connection between IZ policy design and market outcomes: more stringent IZ policies (i.e., those that are mandatory and apply to the entire jurisdiction) led to a higher impact on home prices while mitigating the rent effect. Additionally, IZ's market effects varied based on market conditions and the time elapsed since policy adoption. We discuss these findings in terms of implications for policy design and planning practice.
Keywords
Inclusionary zoning; Housing market outcome; Policy effect; United States; Staggered Difference-in-Differences
Housing Market Segmentation: A Finite Mixture Approach
Bourassa, S. C., Dröes, M. I., & Hoesli, M. (2024). Housing Market Segmentation: A Finite Mixture Approach. De Economist (Netherlands), 172(4), 291–337. https://doi.org/10.1007/s10645-024-09446-2
Abstract
This paper investigates the usefulness of adding a discrete choice model to the hedonic model via a finite mixture approach. Our approach leads to different hedonic models for different housing market segments based on household information. As such, the proposed method goes beyond measuring the average price of housing attributes. As a case study, we estimate the finite mixture model for the Miami and Louisville metropolitan areas using information on race, ethnicity, and income from the American Housing Survey. We find that the model outperforms the standard hedonic model or a model with linear interaction terms between demographics and housing characteristics. Moreover, market segmentation is based on a complex combination of race, ethnicity, and income. For Louisville, Black households need 2.5 times higher income than White households to advance to a higher market segment and even at high incomes tend to occupy their own segment. For Miami, low-income, non-Hispanic households live in their own segment even if occupying the same dwelling size as households in other segments.
Keywords
Housing market segmentation; Hedonic model; Finite mixture model; R31; O18; D51
WCRER Releases The State of the State’s Housing Report
The Washington Center for Real Estate Research has released a new report entitled “The State of the State’s Housing.” This is an inaugural annual report. View the report here.
Professor Steve Bourassa quoted in The Bellingham Herald on First-time Buyer Housing Affordability
Professor Steve Bourassa of the Washington Center for Real Estate Research (WCRER) and Runstad Department of Real Estate was quoted in a story entitled “First-time Buyer Affordability at Lowest Point in Four Years” in The Bellingham Herald. Read the full article here.