ABSTRACT This research tests the ability of six metropolitan‐level measures of housing costs to predict a benchmark housing cost measure based on Aten's area price level index. The first four measures are calculated with U.S. Census Data, the fifth is based on HUD Fair
Market Rents, and the sixth is the housing portion of the ACCRA Index. In 25 large metropolitan areas, the fourth measure predicts 86 percent of the variation in the benchmark index in 1990 and 85 percent in 2000. The fifth measure performs nearly as well. The paper concludes both are promising
measures of living costs.