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Housing Markets in the United States and Japan

Although Japan and the United States are the world’s leading economies, there are significant differences in the ways their wealth is translated into living standards. A careful comparison of housing markets illustrates not only how living standards in the two countries differ, but also reveals much about saving patterns and how they affect wealth accumulation.

In this volume, ten essays discuss the evolution of housing prices, housing markets and personal savings, housing finance, commuting, and the impact of public policy on housing markets. The studies reveal surprising differences in housing investment in the two countries. For example, because down payments in Japan are much higher than in the United States, Japanese tend to delay home purchases relative to their American counterparts. In the United States, the advent of home equity credit may have reduced private saving overall.

This book is the first comparison of housing markets in Japan and the United States, and its findings illuminate the effects of housing markets on productivity growth, business investment, and trade.

278 pages | 39 line drawings, 94 tables | 6 x 9 | © 1994

National Bureau of Economic Research Conference Report

Economics and Business: Economics--International and Comparative

Table of Contents

Introduction
Yukio Noguchi and James Poterba
1 Land Prices and House Prices in Japan
Yukio Noguchi
2 Land Prices and House Prices in the United States
Karl E. Case
3 Housing Finance in Japan
Miki Seko
4 Housing Finance in the United States
Patric H. Hendershott
5 Housing and the Journey to Work in the Tokyo Metropolitan Area
Tatsuo Hatta and Toru Ohkawara
6 Housing and the Journey to Work in U.S. Cities
Michelle J. White
7 Housing and Saving in Japan
Toshiaki Tachibanaki
8 Housing and Saving in the United States
Jonathan Skinner
9 Public Policy and Housing in Japan
Takatoshi Ito
10 Public Policy and Housing in the United States
James M. Poterba

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