Benjamin Keys

Benjamin Keys
  • Rowan Family Foundation Professor
  • Professor of Real Estate
  • Professor of Finance

Contact Information

  • office Address:

    432 Dinan Hall
    3733 Spruce Street
    Philadelphia, PA 19104-6301

Research Interests: household finance, real estate, applied econometrics, labor economics, urban economics.

Links: CV, Personal Website

Overview

Education

Ph.D. in Economics, University of Michigan, 2009.

M.A. in Economics, University of Michigan, 2005.

B.A. in Economics and Political Science, Swarthmore College, 2001.

 

Academic Positions Held

Professor of Real Estate, Wharton School, University of Pennsylvania, 2021-present.

Professor of Finance (secondary), Wharton School, University of Pennsylvania, 2020-present.

Associate Professor of Real Estate, Wharton School, University of Pennsylvania, 2019-2021.

Assistant Professor of Real Estate, Wharton School, University of Pennsylvania, 2016 – 2019.

Assistant Professor, Harris School of Public Policy, University of Chicago, 2011 – 2016.

 

Other Positions

Research Associate, National Bureau of Economic Research, 2023 – present.

Fellow, Center for Financial Security, University of Wisconsin-Madison, 2015 – present.

Co-Director, Kreisman Initiative on Housing Law and Policy, University of Chicago, 2014 – 2016.

Visiting Assistant Professor, Stern School of Business, New York University, Spring 2016.

Economist, Division of Research and Statistics, Federal Reserve Board, Washington, DC, 2009 – 2011.

 

Professional Leadership

Associate Editor, Journal of Finance, 2022 – present.

Associate Editor, American Economic Journal: Applied Economics, 2022 – present.

Associate Editor, Journal of Financial Economics, 2021 – present.

Associate Editor, Management Science, 2016 – 2021.

Associate Editor, Review of Financial Studies, 2016 – 2019.

Member, Academic Research Council, Housing Finance Policy Center, Urban Institute, 2015 – present.

Member, Consumer Financial Protection Bureau (CFPB) Academic Research Council, 2023 – present.

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Research

  • Benjamin Keys, Benjamin L Collier, Philip Mulder A proposal for a US federal property reinsurer. Abstract

    The U.S. homeowners insurance market faces mounting strain from severe climate risk, which
    is increasing claims and adding to volatile reinsurance costs. Across the U.S., inflation-adjusted
    premiums increased by an average of 28 percent between 2017 and 2024, while insurers have
    exited markets or gone insolvent, threatening household financial stability, housing markets, and
    disaster recovery. Existing responses shift risk onto households, states, and federal budgets and
    are unsustainable. This paper proposes a federal reinsurance entity, US Re, to stabilize financing
    for catastrophic losses. By leveraging federal borrowing capacity, such an entity could reduce
    costs and volatility, while preserving incentives for adaptation and supporting private markets.
    Lessons from existing programs highlight three guiding principles: price risk, target market failures,
    and maintain credibility. Properly constructed, US Re could improve resilience while maintaining
    the benefits of market incentives.

  • Benjamin Keys, Joshua Blonz, Mallick Hossain, Philip Mulder, Joakim Weill (Working), Pricing Protection: Credit Scores, Disaster Risk, and Home Insurance Affordability. Abstract

    We use 70 million policies linked to mortgages and property-level disaster risk to show that credit scores impact homeowners insurance premiums as much as disaster risk. Homeowners with low credit pay 24% more for identical coverage than high–credit score homeowners. Leveraging a natural experiment in Washington State, we find that banning the use of credit information considerably weakens the relationship between credit score and pricing. We discuss the role of credit information in pricing and show that, although insurance is often overlooked in discussions of home affordability, a low credit score increases premiums roughly as much as it raises mortgage rates.

  • Benjamin Keys and Philip Mulder (Working), Property Insurance and Disaster Risk: New Evidence from Mortgage Escrow Data. Abstract

    We develop a new dataset to study homeowners insurance using over 74 million premiums from 2014–2024 inferred from mortgage escrow payments. We document rapidly rising premiums and a doubling of the pass-through from disaster risk into premiums. Using variation in correlated wildfire and hurricane exposure, we show that the increase in the risk-to-premium gradient was accelerated by a repricing of catastrophic risk in global capital markets. Premium increases are capitalized into home values, reducing home price growth by over $40,000 in the most exposed zipcodes. The premium and home price effects are larger in areas facing rising climate risk.

  • Benjamin Keys and Vincent Reina Improving Housing Affordability. Abstract

    US households face unprecedented challenges related to the high cost of housing.
    In this paper, we characterize the affordability crisis, assess the primary drivers of
    unaffordable housing, and offer potential policy solutions. We argue that several
    distinct housing-market challenges—including financing gaps, local restrictions
    that make it difficult and/or costly to build, and a lack of an entitlement program—
    present distinct challenges to both an adequate and an affordable housing supply.
    Importantly, though, the impact of these features becomes more dramatic during
    economic downturns. Our current national housing challenges are a product of
    longstanding structural challenges that were amplified by an unprecedented lack
    of building after the 2008 financial crisis. As a result, the policy recommendations
    sit within a broader series of reforms and policy solutions that ensure that housing
    supply meets demand, and that affordability is not compromised, during all periods
    of the economic cycle.

  • Benjamin Keys Housing, Climate Risk, and Insurance. Abstract

    Homeowners are especially vulnerable to climate change. Their homes are commonly the largest investment in their portfolio, but houses are immovable assets. With the US housing market worth approximately $48 trillion, the choices homeowners, home builders, insurers, and mortgage lenders make around climate risk also affect the macroeconomy. In this article, I summarize the work that my coauthors and I have conducted on the topic of housing and climate risk.

  • Benjamin Keys, Benjamin L Collier, Cameron Ellis (2025), The Cost of Consumer Collateral: Evidence from Bunching, Econometrica, 93 (3). Abstract

    How do collateral requirements impact consumer borrowing behavior? Using administrative loan application and performance data from the U.S. Federal Disaster Loan Program, we exploit a loan amount threshold above which households must post their residence as collateral. Our bunching estimates suggest that the median borrower is willing to give up 40% of their loan amount to avoid posting collateral. Exploiting time variation in the threshold, we estimate collateral causally reduces default rates by 36%. Finally, we structurally estimate households’ attachment to their homes, net of any equity, and find a median value of $11,000. Attachment creates a wedge between lender and borrower valuation of collateral of 15%. Our results explain high perceived default costs in the mortgage market, and document the importance of collateral for reducing moral hazard in consumer credit markets.

  • Benjamin Keys, Benjamin L Collier, Daniel A. Hartley, Jing Xian Ng (Working), Credit When You Need It. Abstract

    We estimate the causal effect of emergency credit on households’ finances after a negative shock. To do so, we link application data from the U.S. Federal Disaster Loan program, which provides loans to households that have uninsured damages from a federally-declared natural disaster, to a panel of credit records before and after the shock. We exploit a discontinuity in the loan approval rules that led applicants with debt-to-income ratios below 40% to be differentially likely to be approved. Using an instrumented difference-in-differences research design, we find that credit provision at the time of a shock significantly reduces severe financial distress, decreasing the likelihood of filing for bankruptcy by 61% in the three years following the disaster. We explore mechanisms using additional quasi-experimental variation in interest rates, finding support for a liquidity-based explanation. Credit provision in a time of crisis has real consumption effects in the form of additional car purchases even 3 years after loan receipt. Our findings suggest that well-timed liquidity provided to households in acute need can have substantial and persistent positive effects.

  • Benjamin Keys, Brian Jacob, Damon Jones (2024), The Value of Student Debt Relief and the Role of Administrative Barriers: Evidence from the Teacher Loan Forgiveness Program, Journal of Labor Economics, 42 (S1). Abstract

    We explore how much borrowers value student debt relief in the setting of the federal Teacher Loan Forgiveness program, which cancels between $5,000 and $17,500 in debt for teachers at high-need schools. Using both quasi-experimental evidence and a randomized controlled trial, we find that neither eligibility nor a targeted information intervention affects employment decisions. Information was found to increase application and receipt rates for teachers who had achieved eligibility. Evidence from contingent valuation surveys suggests that teachers do in general value debt relief. Incorporating qualitative evidence, we conclude that take-up may be constrained by program complexity and administrative barriers.

  • Benjamin Keys, Robert Collinson, Anthony DeFusco, John Eric Humphries, Vincent Reina, David C. Phillips, Patrick S. Turner, Winnie van Dijk (Working), The Effects of Emergency Rental Assistance During the Pandemic: Evidence from Four Cities. Abstract

    Short-term rental assistance expanded to unprecedented scale during the COVID-19 pandemic. We evaluate five programs distributing over $200 million through lottery, using administrative and survey data to assess effects on rent payment, housing stability, financial distress, and health. Assistance led to increases in rent payment and reduced concerns about eviction, with suggestive improvements in self-reported mental and physical health. In contrast with pre-pandemic emergency rental assistance, we find little effect on housing stability or financial distress. Explanations for these muted effects include: eviction moratoria weakening the link between rent and displacement, expanded safety net programs, and market softening favoring tenants.

  • Benjamin Keys, Neale Mahoney, Hanbin Yang (2023), What Determines Consumer Financial Distress? Place- and Person-Based Factors, Review of Financial Studies, 36 (1). Abstract

    We use credit report data to study consumer financial distress in America. We report large, persistent disparities in financial distress across regions. To understand these patterns, we conduct a “movers” analysis. For collections and default, there is only weak convergence following a move, suggesting these types of distress are not primarily caused by place-based factors (e.g., local economic conditions and state laws) but instead reflect person-based characteristics (e.g., financial literacy and risk preferences). In contrast, for personal bankruptcy, we find a sizable place-based effect, which is consistent with anecdotal evidence on how local legal factors influence personal bankruptcy.

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Teaching

Past Courses

  • FNCE2090 - Real Estate Investments

    This course provides an introduction to real estate investing with a focus on financial and economic analysis. It is intended both as a foundational class for students considering a career in real estate as well as a survey class for students interested in finance who want to learn about the real estate sector. Project evaluation, financing strategies, risk assessment, investment decision making, and real estate capital markets are covered. No prior knowledge of the industry is required, but students will rapidly acquire a working knowledge of real estate markets and will quickly develop the quantitative tools to help them make investment decisions. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital markets tools used in real estate. There are three case studies and two midterms. FNCE 1000 is required as the class assumes comfort with Corporate Finance concepts and terms.

  • FNCE7210 - Real Estate Investments

    This course provides an introduction to real estate investing with a focus on financial and economic analysis. It is intended both as a foundational class for students considering a career in real estate as well as a survey class for students interested in finance who want to learn about the real estate sector. Project evaluation, financing strategies, risk assessment, investment decision making, and real estate capital markets are covered. No prior knowledge of the industry is required, but students will rapidly acquire a working knowledge of real estate markets and will quickly develop the quantitative tools to help them make investment decisions. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital markets tools used in real estate. There are three case studies and two midterms. FNCE 6110 is required as the class assumes comfort with Corporate Finance concepts and terms.

  • REAL2090 - Real Estate Investments

    This course provides an introduction to real estate investing with a focus on financial and economic analysis. It is intended both as a foundational class for students considering a career in real estate as well as a survey class for students interested in finance who want to learn about the real estate sector. Project evaluation, financing strategies, risk assessment, investment decision making, and real estate capital markets are covered. No prior knowledge of the industry is required, but students will rapidly acquire a working knowledge of real estate markets and will quickly develop the quantitative tools to help them make investment decisions. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital markets tools used in real estate. There are three case studies and two midterms. FNCE 1000 is required as the class assumes comfort with Corporate Finance concepts and terms.

  • REAL3700 - Real Estate Data Analytics

    In real estate investment, data is used in a variety of ways to inform decision-making. The purpose of this course is to gain familiarity with analytical tools and techniques as they relate to guiding investment in primary real estate markets and capital markets. Students will learn statistical methods, data manipulation, data visualization, and apply business analytics tools to data on properties, mortgages, and macroeconomic indicators. A series of guest speakers will demonstrate how analytics is used in the industry, and the strengths and limitations of using data to guide investment decisions. The course will use data analytics to connect economics and finance concepts with real-world applications. The course will primarily use the R software package, but relevant materials will be provided and no prior coding experience is necessary. REAL 3700 can be counted toward the Wharton Undergraduate Technology, Innovation and Analytics (TIA) requirement.

  • REAL3990 - Independent Study

    All independent studies must be arranged and approved by a Real Estate department faculty member.

  • REAL7210 - Real Estate Investments

    This course provides an introduction to real estate investing with a focus on financial and economic analysis. It is intended both as a foundational class for students considering a career in real estate as well as a survey class for students interested in finance who want to learn about the real estate sector. Project evaluation, financing strategies, risk assessment, investment decision making, and real estate capital markets are covered. No prior knowledge of the industry is required, but students will rapidly acquire a working knowledge of real estate markets and will quickly develop the quantitative tools to help them make investment decisions. Classes are conducted in a standard lecture format with discussion required. The course contains cases that help students evaluate the impact of more complex financing and capital markets tools used in real estate. There are three case studies and two midterms. FNCE 6110 is required as the class assumes comfort with Corporate Finance concepts and terms.

  • REAL8700 - Real Estate Data Analytics

    In real estate investment, data is used in a variety of ways to inform decision-making. The purpose of this course is to gain familiarity with analytical tools and techniques as they relate to guiding investment in primary real estate markets and capital markets. Students will learn statistical methods, data manipulation, data visualization, and apply business analytics tools to data on properties, mortgages, and macroeconomic indicators. A series of guest speakers will demonstrate how analytics is used in the industry, and the strengths and limitations of using data to guide investment decisions. The course will use data analytics to connect economics and finance concepts with real-world applications. The course will use the R software package, but relevant materials will be provided and no prior coding experience is necessary.

  • REAL8990 - Independent Study

    All independent studies must be arranged and approved by a Real Estate Department faculty member.

  • REAL9460 - Adv Topic in Urban Econ

    This course addresses advanced topics in urban and real estate economics. The course will mix theory and empirics and will cover a broad range of topics including the modeling and estimation of agglomeration economies, land use and urban costs, transportation in cities, urban growth, migration between cities etc. The classes will mix formal presentations made by the instructor and student-led discussions of recent academic papers. In addition to presentations, students will be expected to complete a series of assignments including a short original research paper. PhD students will be expected to complete a research paper in addition to the successful completion of the course examination requirements. Prerequisites: The course assumes that students have familiarity with standard first year econometrics and microeconomics.

  • REAL9480 - House Real Est Decision

    In this course we will study theory and evidence of how households make decisions surrounding real estate, how they interact with the financial sector, and how housing and mortgage choices influence urban markets and household balance sheets. We will examine real estate decisions from both supply and demand perspectives. There will be a special focus on the tools of modern empirical research, emphasizing the many challenges to causal identification and popular methodologies to overcome and address these challenges. The course will cover topics in mortgage choice, refinancing, renegotiation, default and foreclosure, discrimination, housing search, and market segmentation. Prerequisites: The course assumes that students have familiarity with standard first year econometrics and microeconomics.

  • REAL9950 - Dissertation

    Dissertation

  • REAL9999 - Independent Study

    Independent Study

Awards And Honors

  • Wharton Teaching Excellence Award Recipient, 2025
  • Wharton Teaching Excellence Award Recipient, 2024
  • Wharton Teaching Excellence Award Recipient, 2023
  • Wharton Teaching Excellence Award Recipient, 2022
  • Wharton Teaching Excellence Award Recipient, 2021
  • Wharton Teaching Excellence Award Recipient, 2020
  • Wharton Teaching Excellence Award Recipient, 2019
  • Wharton Teaching Excellence Award Recipient, 2018

In the News

Knowledge @ Wharton

Activity

Latest Research

Benjamin Keys, Benjamin L Collier, Philip Mulder A proposal for a US federal property reinsurer.
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In the News

Does Your Insurance Protect You From Climate Risk?

Research from Wharton's Parinitha Sastry reveals how climate risk is being mispriced in mortgages and property insurance, leaving homeowners to pay the price.…Read More

Knowledge @ Wharton - 2026/05/19
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Awards and Honors

Wharton Teaching Excellence Award Recipient 2025
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