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Billings, Stephen B

Associate Professor


Research Areas research areas


research overview

  • Dr. Stephen B. Billings, Global Real Estate Capital Markets Chair in the Department of Finance at the University of Colorado is a nationally recognized scholar in urban economics and real estate with peer-reviewed publications in such outlets as the Quarterly Journal of Economics, Journal of Urban Economics, Real Estate Economics, Review of Economics & Statistics, American Economic Review: Insights. Steve's research focuses on a number of important policy issues including the impact of public investment in light-rail transit on neighborhoods, the impact of school segregation on academic achievement and crime, the role of lead-based paint on neighborhoods, home values and childhood outcomes, The impact of environment hazards and climate change on residential location decisions. He works extensively with large administrative datasets.


  • Environmental Hazards and Housing, Neighborhoods and Schools, Lead-Paint and Housing, Social Interactions in Crime, Non-Market Valuation, Hedonic Housing Price Methods,


selected publications


courses taught

  • MBAX 6630 - Real Estate Economics
    Primary Instructor - Fall 2018 / Fall 2019 / Fall 2020 / Fall 2021
    Examines real estate market operations and discusses alternative methodologies for estimating real estate values. Examines various theories of land price determination and uses these models to understand how the private market allocates land to competing residential, office, retail, industrial/warehouse, hotel, and other end users. Examines how factors influencing the demand for real estate interact with the supply of real estate to determine market rents and how the flow of future expected income is capitalized to yield the market price of the asset.
  • REAL 4100 - Real Estate Finance and Investment Analysis
    Primary Instructor - Fall 2018
    Covers: 1) traditional and alternative financing of residential and commercial real estate; 2) pro forma cash flows and valuation of income generating properties; 3) real estate decisions of non-real estate corporations; and 4) mortgage backed securities and real estate investment trusts (REITs).
  • REAL 4400 - Real Estate Economics
    Primary Instructor - Fall 2019 / Fall 2020 / Fall 2021 / Spring 2022 / Fall 2023 / Spring 2024
    The first half of the course is about urban economics. It covers the fundamental principles of market analysis, urban economics, and the reasons why households and firms chose to locate in cities. The second half of the course is about real estate markets. We extend our analysis of cities to the built environment itself, and to the operation residential and commercial real estate markets. The course also examines alternative techniques for estimating real property value.


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