We examine the extent to which the quality of innovation created in different locations is related to subsequent changes in house prices in these metropolitan areas. Cities that foster a healthy quality of innovation are likely the home of many successful entrepreneurs and firms that provide high paying jobs. We hypothesize that the relation between innovation and changes in house prices is positive because, all else equal, locations with higher quality of innovation should not only be more desirable places to live, but also support higher rate of wealth and income growth, which allow for higher house price appreciation. We find results consistent with our hypothesis: there is a statistically and economically significant positive relation between innovation quality and subsequent house price appreciation. We find that this association runs from innovation quality to house price appreciation but not the reverse, and that the effect is stronger in areas with inelastic land supply.

我们研究了不同地点创造的创新质量在多大程度上与这些大都市区的房价后续变化相关。培养健康创新质量的城市很可能是许多提供高薪工作的成功企业家和公司的家园。我们假设创新与房价变化之间存在正相关关系，因为在其他条件相同的情况下，创新质量较高的地区不仅应该是更理想的居住地，而且还应该支持更高的财富和收入增长率，这允许更高的房价升值。我们发现结果与我们的假设一致：创新质量与随后的房价升值之间存在统计上和经济上显着的正相关关系。