Who cares about relative status? A quantile approach to consumption of relative house size

I estimate the willingness to pay (WTP) to live in a house near neighbours with relatively smaller (or larger) houses using housing transaction data. I find that consumers in the 50^th and 75^th percentile are willing to pay the most for an increase in relative housing consumption while consumers in the lower percentiles and the highest percentile yield a smaller, and statistically insignificant, WTP. This gives evidence to popular media reports that the middle class values relative status the most.