Real house prices are directly determined by the willingness of households to pay for (and
willingness of builders to supply) a constant-quality house. Changes in the quantity of
housing demanded will affect real prices only to the extent that the long-run housing supply
schedule is positively sloped. In this paper we use 1980 census data to measure the impact
of the age structure, education and income on the willingness of households to pay for a
constant-quality house. We compute total and partial derivatives for the effect of age on …