1. HOUSING: HAS THERE BEEN A DOWNWARD SHIFT IN CONSUMERS' PREFERENCES?
- Author
-
Winnick, Louis
- Subjects
HOUSING ,CONSUMER preferences ,HOUSE construction ,SAVINGS ,CONSUMER behavior ,RESIDENTIAL real estate - Abstract
The article analyzes residential housing trends in the U.S. from 1890 to 1950 which suggest that there has been a downward shift in consumer preferences for housing. In any economy characterized by substantial long-term increases in the standard of living the production of necessities does not generally keep pace with the total output of goods and services. Residential construction outlays measured as a proportion of either gross national product or gross capital formation have experienced a marked decline since about 1890 in addition to the more familiar major swings. Even the current housing boom has not attained the relative strength of the 1920's and falls considerably short of the relative levels achieved during the 1890's. A moderate rise in per capita value took place between 1890 and 1910 followed by a decline during the World War I decade, a sharp rise resulting from the housing boom of the twenties, and a pronounced drop since 1930.
- Published
- 1955
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