This paper uses the Annual Housing Survey (AHS) to evaluate the claims that the Consumer Price Index (CPI) overstates inflation for homeowners and understates it for renters. By duplicating the CPI rent indexes with the national AHS, the paper tests for downward bias in the CPI rent component attributable to omitted measurement of dwelling depreciation. It also disentangles the separate inflation effects of utilities and shelter (where shelter is defined as services provided by the dwelling excluding utilities). An index based on the AHS is constructed for all rented single - family homes, and the paper shows that this index differs little from the rent index for all rental units. The AHS index for urban and metropolitan areas showed almost the same inflation rate as the Bureau of Labor Statistics (BLS) counterpart from 1974 to 1977. Sampling procedures used to collect data for the AHS and the BLS rent indexes are described and compared, the BLS technique for calculating a rent index is presented, and the technique for AHS data is modified. In addition, AHS indexes for 1974 to 1977 are given. The paper compares national and Standard Metropolitan Statistical Area (SMSA) indexes to actual BLS rent indexes and presents disaggregated indexes for additional SMSA's and for several regions by city size classifications. Ideas for future research include (1) testing for an aging bias in the rent component of the CPI, (2) computing separate indexes for shelter and gross rent, and (3) extending the AHS rent indexes to include the 1978 and 1979 national AHS's. In addition, the substantial variation in rent inflation found among metropolitan areas in the AHS index should be analyzed. Nine tables and 17 references are included. An appendix lists frequencies and rent inflation indexes for the 4 census regions, for 5 city size classifications, for 20 regions by city size classifications, and for 125 SMSA's in each of the 3 index periods. (Author abstract modified).


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    Titel :

    Constructing a Rent Index from the Annual Housing Survey


    Beteiligte:
    T. Thibodeau (Autor:in) / L. Ozanne (Autor:in)

    Erscheinungsdatum :

    1981


    Format / Umfang :

    77 pages


    Medientyp :

    Report


    Format :

    Keine Angabe


    Sprache :

    Englisch





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