Agent-based Housing Market Microsimulation for Integrated Land Use, Transportation, Environment Model System

Abstract

The Housing Market Evolutionary System (HoMES) is the updated housing market module for the Integrated Land Use, Transportation, Environment (ILUTE) model system. HoMES is a disaggregate, agent-based microsimulation of the owner-occupied housing market, with models for households’ residential mobility decisions, location choices and valuations, the endogenous supply of housing by type and location, and the endogenous determination of sale prices and rents. The new model offers significant improvements over previous attempts by including a reformulated market clearing mechanism, market dependency on macro-economic conditions, and improved computational performance. A 100% synthesized population is validated against historical data for the Greater Toronto-Hamilton Area.