Photo of Joseph Gyourko

Joseph Gyourko

Martin Bucksbaum Professor of Real Estate, Finance and Business Economics & Public Policy

Nancy A. Nasher and David Haemisegger Director of the Zell/Lurie Real Estate Center

Research Interests: housing markets, real estate finance, urban and real estate economics

Links: CV, Personal Website

Contact Information

Address: Wharton Real Estate Dept, University of Pennsylvania, 1480 Steinberg-Dietrich Hall; 3620 Locust Walk, Philadelphia, PA 19104-6302
Office: (215) 898-3003



PhD, University of Chicago, 1984; AB, Duke University, 1978

Recent Consulting

Commercial real estate market analysis; housing market analysis

Academic Positions Held

Wharton: 1984-present; (Chairperson, Real Estate Department, 2007-2013; Chairperson, Real Estate Department, 1999-2003; 

Nancy A. Nasher and David Haemisegger Director of the Zell/Lurie Real Estate Center at The Wharton School, 1998-present;

Professional Leadership 2005-2009

Editorial Boards: Research Associate, National Bureau of Economic Research, Public Economics Program; Co-Director, NBER Project on Housing and Financial Crisis; various journal editorial boards; World Economic Forum Global Agenda Council on the Future of Real Estate

Corporate and Public Sector Leadership 2005-2009

Trustee, Urban Land Institute; Trustee, EII Realty Securities, Inc.; Executive Committee, Philadelphia District Council of the Urban Land Institute; Trustee, Max and Marian Farash Foundation


  • Joseph Gyourko, Yongheng Deng, Wu Jing (Forthcoming), Evaluating Conditions in Major Chinese Housing Markets, Regional Science and Urban Economics, forthcoming
  • Joseph Gyourko (Forthcoming), Understanding Commercial Real Estate: Just How Different from Housing Is It?, NBER Working Paper #14708, February 2009.
  • Fernando Ferreira, Anthony DeFusco, Joseph Gyourko, Wenjie Ding (Work In Progress), The Role of Contagion in the Last American Housing Cycle .  
  • Fernando Ferreira, Joseph Gyourko (Working), A New Look at the U.S. Foreclosure Crisis: Panel Data Evidence of Prime and Subprime Borrowers from 1997 to 2012, (June 1, 2015) .    Abstract
  • Joseph Gyourko, Jing Wu, Yongheng Deng (Working), Real Estate Collateral Value and Investment: The Case of China, (December 2014).    Abstract
  • Joseph Gyourko, Raven Molloy (Working), Regulation and Housing Supply, (October 2014).    Abstract
  • Joseph Gyourko, Yongheng Deng, Jing Wu (Work In Progress), The Wharton/NUS/Tsinghua Chinese Resident ial Land Price Indexes (CRLPI) White Paper .  Abstract
  • Todd Sinai, Joseph Gyourko, Christopher J Mayer (2013), Superstar Cities, American Economic Journal: Economic Policy, 5 (4), 167 - 199.    Abstract
  • Fernando Ferreira, Joseph Gyourko (2012), Heterogeneity in Neighborhood-Level Price Growth in the United States, 1993–2009, American Economic Review Papers and Proceedings, 102 (3), 134 - 140.
  • Joseph Gyourko (Working), Response to HUD on FHA Risk Evaluation, November 21, 2011.  
  • Joseph Gyourko (Working), "Is FHA the Next Housing Bailout?".    Abstract
  • Fernando Ferreira, Joseph Gyourko (Work In Progress), Anatomy of the Beginning of the Housing Boom: U.S. Neighborhoods and Metropolitan Areas, 1993-2009.  Abstract  Related Materials
  • Fernando Ferreira, Joseph Gyourko (2009), Do Political Parties Matter? Evidence From U.S. Cities, Quarterly Journal of Economics, Vol. 124, no. 1: 399-422, 124 (1), 399 - 422.    Abstract
  • Fernando Ferreira, Joseph Gyourko, Joseph Tracy (2008), Housing Busts and Household Mobility, Journal of Urban Economics, Vol. 68. no. 1 34-35, 68 (1), 34 - 35.  Abstract
  • Edward L. Glaeser, Joseph Gyourko, Albert Saiz (2008), Housing Supply and Housing Bubbles, Journal of Urban Economics, Vol 64, no.3: 198-217, 64 (3), 198 - 217.  Abstract
  • Joseph Gyourko, Edward Glaeser (2005), Urban Decline and Durable Housing, Journal of Political Economy, Vol 113, no 2, 345-375, 113 (2), 345 - 375.    Abstract
  • Joseph Gyourko, Todd Sinai (2004), The Asset Price Incidence of Capital Gains Taxes: Evidence from the Taxpayer Relief Act of 1997 and Publicly-Traded Real Estate Firms, Journal of Public Economics, 88 (7-8), 1543 - 1565.  Abstract
  • Todd Sinai, Joseph Gyourko (2004), The (Un)Changing Geographical Distribution of Housing Tax Benefits: 1980 to 2000, Tax Policy and the Economy, 18, 175 - 208.  Abstract
  • Joseph Gyourko, Todd Sinai (2003), The Spatial Distribution of Housing-Related Ordinary Income Tax Benefits, Real Estate Economics, 31 (4), 527 - 576.  Abstract
  • Joseph Gyourko, Donald B. Keim (1993), Risks and Returns of Investing in Real Estate: Evidence from a Real Estate Stock Index, Financial Analysts Journal  
  • Joseph Gyourko, Donald B. Keim (1992), What Does the Stock Market Tell Us About Real Estate Returns, AREUEA Journal  

Awards And Honors

  • Excellence in Teaching Awardee, 2010 Description

In The News

Knowledge @ Wharton



  • REAL708 - Housing Markets

    This course is designed for students interested in the economics and operations of housing markets. It is primarily a U.S. focused course, but does include a limited amount of international material for comparative purposes. The class is divided into four sections: (1) supply and demand for housing, including the operations of homebuilders and rental landlords; (2) house prices, including cycles and price dynamics; (3) international comparisons; and (4) public policy analysis applied to a current housing markets-related issue. This course presumes knowledge of intermediate economics, as we will apply that knowledge throughout the semester. For Wharton students, this means you must have passed BEPP 250 (undergrads) or MGEC 611 and MGEC 612 (MBAs). Non-Wharton students should have taken the equivalent course in the College.

  • REAL840 - Advanced Real Estate Investment and Analysis

    This course is designed for majors in Real Estate, but is also open to finance-oriented students who wish a deeper analysis of real estate investment and investment analysis issues than that offered in REAL/FNCE 209. The class will contain a mixture of lectures, guest speakers and case discussions. Academic research is paired with recent industry analysis of key issues in order to marry sound theory and empirical results with current events and practices. Several classes will include lectures outlining what economics and finance tell us about a number of topics. Generally, these will be followed by guest lectures from industry professionals who will focus on a specific application of the principles introduced in the lectures.