Multiple factor flows and heterogeneous premium of urban house prices: Empirical evidence from Chinese cities

• We investigate the impact of multiple factor connection capability on urban house prices and the consequent heterogeneous premium. • An intercity multi-layer factor flow network is constructed based on over 100 million pieces of factor flow data from 286 Chinese cities between 2015 and 2022. • A composite index, called multiple connectivity quality (MCQ), is proposed to reflect the comprehensive connecting capabilities of cities within the network. • Cities with higher multiplex connectivity quality are more likely to have positive house price premiums and are more resilient to market fluctuations during downturns. Notable Regional heterogeneity is commonly observed in housing markets. This study examines how multiple factor flows affect urban house prices and the resulting premium. It utilizes over 100 million pieces of Chinese intercity factor flow data to construct a multi-layer network and introduces a new metric called multiple connectivity quality to measure a city's comprehensive factor connection capability. Empirical analysis reveals that cities with higher multiple connectivity quality tend to exhibit higher price premiums, making them more resilient to market fluctuations. This study offers fresh insight into regional heterogeneity within housing markets and holds practical significance for stabilizing these markets.