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Over this same period, the population grew 45%, and its composition changed as birth rates fell, people lived longer, and migration patterns shifted. I quantify the effects of these demographic changes on the real price of housing in a dynamic, general equilibrium model. I adapt a standard, state-of-the-art incomplete markets model to include time-varying demographics, which I calibrate to exactly match a series of empirical population measures from 1980 to 2019. The model indicates that demographic changes can account for 49.6% of the measured increase in the real price of housing. The effects of demographic change in the model are born mostly by younger households: in 2019, older households achieve a similar standard of living as older households in 1980, while younger households own and consume less than their 1980 counterparts. Using counterfactual demographic evolutions, I separately quantify the effects of changes in three demographic channels\u2014births, aging, and migration\u2014since 1980. Holding births constant at their 1980 level, I find that the real price of housing rises an additional 10.2 percentage points; counterfactuals with constant aging and migration processes produce less price growth than the baseline.", "occurrence_notes":null, "guid":"149562-21906706@events.umich.edu", "permalink":"http:\/\/events.umich.edu\/event\/149562", "building_id":"1005177", "building_name":"North Quad", "campus_maps_id":"553", "room":"4325", "location_name":"North Quad", "has_livestream":0, "cost":"", "tags":["Economics","Macroeconomics","seminar"], "website":"http:\/\/www.lsa.umich.edu\/econ", "sponsors":[ { "group_name":"Department of Economics", "group_id":"3302", "website":"http:\/\/www.lsa.umich.edu\/econ" }, { "group_name":"Michael Beauregard Seminar in Macroeconomics", "group_id":"3552", "website":"" }, { "group_name":"Department of Economics Seminars", "group_id":"3566", "website":"" } ], "image_url":"https:\/\/events.umich.edu\/media\/attachments\/2026\/10\/event_149562_original-2.png", "styled_images":{ "event_thumb":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_thumb\/media\/attachments\/2026\/10\/event_149562_original-2.png", "event_large":"https:\/\/events.umich.edu\/media\/cache\/event_large\/media\/attachments\/2026\/10\/event_149562_original-2.png", "event_large_2x":"https:\/\/events.umich.edu\/media\/cache\/event_large_2x\/media\/attachments\/2026\/10\/event_149562_original-2.png", "event_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/event_large_lightbox\/media\/attachments\/2026\/10\/event_149562_original-2.png", "group_thumb":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_thumb\/media\/attachments\/2026\/10\/event_149562_original-2.png", "group_thumb_square":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_thumb_square\/media\/attachments\/2026\/10\/event_149562_original-2.png", "group_large":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_large\/media\/attachments\/2026\/10\/event_149562_original-2.png", "group_large_lightbox":"https:\/\/events.umich.edu\/media\/cache\/resolve\/group_large_lightbox\/media\/attachments\/2026\/10\/event_149562_original-2.png", "event_large_crop":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_large_crop\/media\/attachments\/2026\/10\/event_149562_original-2.png", "event_list":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_list\/media\/attachments\/2026\/10\/event_149562_original-2.png", "event_list_2x":"https:\/\/events.umich.edu\/media\/cache\/event_list_2x\/media\/attachments\/2026\/10\/event_149562_original-2.png", "event_grid":"https:\/\/events.umich.edu\/media\/cache\/event_grid\/media\/attachments\/2026\/10\/event_149562_original-2.png", "event_grid_2x":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_grid_2x\/media\/attachments\/2026\/10\/event_149562_original-2.png", "event_feature_large":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_feature_large\/media\/attachments\/2026\/10\/event_149562_original-2.png", "event_feature_thumb":"https:\/\/events.umich.edu\/media\/cache\/resolve\/event_feature_thumb\/media\/attachments\/2026\/10\/event_149562_original-2.png" }, "occurrence_count":1, "first_occurrence":21906706 } }