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Urban Location and Housing Prices within a Hedonic Model

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Author Info

  • Ottensmann, John R.
  • Payton, Seth
  • Man, Joyce
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    Abstract

    A measure of location relative to employment is often included in hedonic housing price models. This is most often distance to the center, based on the monocentric model, which does not consider the decentralization of employment in urban areas. This paper tests the perfor-mance of alternative measures of location, considering both distance and time to the center and to multiple employment centers and measures of accessibility to employment and change in accessibility. The measures using multiple employment centers and accessibility perform better than simple distance to the center, with the combination of accessibility to employment and change in accessibility doing best.

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    File URL: http://purl.umn.edu/132338
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    Bibliographic Info

    Article provided by Mid-Continent Regional Science Association in its journal Journal of Regional Analysis and Policy.

    Volume (Year): 38 (2008)
    Issue (Month): 1 ()
    Pages:

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    Handle: RePEc:ags:jrapmc:132338

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    Web page: http://jrap-journal.org/index.htm
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    Related research

    Keywords: Community/Rural/Urban Development; Labor and Human Capital;

    References

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    1. Small, Kenneth A. & Song, Shunfeng, 1994. "Population and Employment Densities: Structure and Change," University of California Transportation Center, Working Papers qt6nk5v6b4, University of California Transportation Center.
    2. Coulson, E., 1990. "Really Useful Tests Of The Monocentric Model," Papers 1-90-5, Pennsylvania State - Department of Economics.
    3. Alex Anas & Richard Arnott & Kenneth A. Small, 1998. "Urban Spatial Structure," Journal of Economic Literature, American Economic Association, vol. 36(3), pages 1426-1464, September.
    4. Katz, Lawrence F. & Rosen, Kenneth T., 1987. "The Interjurisdictional Effects of Growth Controls on Housing Prices," Scholarly Articles 3442758, Harvard University Department of Economics.
    5. Shunfeng Song, 1996. "Some Tests of Alternative Accessibility Measures: A Population Density Approach," Land Economics, University of Wisconsin Press, vol. 72(4), pages 474-482.
    6. Giuliano, Genevieve & Small, Kenneth A., 1991. "Subcenters in the Los Angeles Region," University of California Transportation Center, Working Papers qt6ts0t95w, University of California Transportation Center.
    7. McMillen, Daniel P. & McDonald, John F., 1998. "Suburban Subcenters and Employment Density in Metropolitan Chicago," Journal of Urban Economics, Elsevier, vol. 43(2), pages 157-180, March.
    8. Ihlanfeldt, Keith R & Sjoquist, David L, 1990. "Job Accessibility and Racial Differences in Youth Employment Rates," American Economic Review, American Economic Association, vol. 80(1), pages 267-76, March.
    9. Griffith, Daniel A., 1981. "Modelling urban population density in a multi-centered city," Journal of Urban Economics, Elsevier, vol. 9(3), pages 298-310, May.
    10. William M. Bowen, 2001. "Theoretical and Empirical Considerations Regarding Space in Hedonic Housing Price Model Applications," Growth and Change, Gatton College of Business and Economics, University of Kentucky, vol. 32(4), pages 466-490.
    11. Molly Espey, 2000. "The Impact of Airport Noise and Proximity on Residential Property Values," Growth and Change, Gatton College of Business and Economics, University of Kentucky, vol. 31(3), pages 408-419.
    12. Ihlanfeldt Keith R., 1993. "Intra-urban Job Accessibility and Hispanic Youth Employment Rates," Journal of Urban Economics, Elsevier, vol. 33(2), pages 254-271, March.
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    Cited by:
    1. Karolien De Bruyne & Jan Van Hove, 2013. "Explaining the spatial variation in housing prices: an economic geography approach," Applied Economics, Taylor & Francis Journals, vol. 45(13), pages 1673-1689, May.

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