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Panel data estimates of the effects of different types of crime on housing prices

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  • Ihlanfeldt, Keith
  • Mayock, Tom

Abstract

One of the most studied effects of crime is the impact that neighborhood crime has on housing values. A major drawback of these studies is that, although crime is undoubtedly endogenous in property value models because of either simultaneity, omitted variables or measurement error, the vast majority of studies treat crime measures as exogenous independent variables. We exploit a unique nine-year crime panel at the neighborhood level to estimate models that properly address the endogeneity of crime and allow us to overcome other specification errors that have plagued previous studies. Of the seven different types of crime we investigate, only robbery and aggravated assault crimes (per acre) exert a meaningful influence upon neighborhood housing values.

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Bibliographic Info

Article provided by Elsevier in its journal Regional Science and Urban Economics.

Volume (Year): 40 (2010)
Issue (Month): 2-3 (May)
Pages: 161-172

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Handle: RePEc:eee:regeco:v:40:y:2010:i:2-3:p:161-172

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Keywords: Housing markets Housing prices Crime;

References

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  1. Bowes, David R. & Ihlanfeldt, Keith R., 2001. "Identifying the Impacts of Rail Transit Stations on Residential Property Values," Journal of Urban Economics, Elsevier, vol. 50(1), pages 1-25, July.
  2. Pope, Carl E., 1980. "Patterns in burglary: An empirical examination of offense and offender characteristics," Journal of Criminal Justice, Elsevier, vol. 8(1), pages 39-51.
  3. Steve Gibbons, 2004. "The Costs of Urban Property Crime," Economic Journal, Royal Economic Society, vol. 114(499), pages F441-F463, November.
  4. Isaac Ehrlich, 1996. "Crime, Punishment, and the Market for Offenses," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 43-67, Winter.
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Cited by:
  1. Anastasia Klimova & Adrian D. Lee, 2014. "Does a Nearby Murder Affect Housing Prices and Rents? The Case of Sydney," Working Paper Series 181, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
  2. 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.
  3. Nichols, Joseph B. & Oliner, Stephen D. & Mulhall, Michael R., 2013. "Swings in commercial and residential land prices in the United States," Journal of Urban Economics, Elsevier, vol. 73(1), pages 57-76.
  4. Arbel, Yuval & Ben-Shahar, Danny & Gabriel, Stuart & Tobol, Yossef, 2010. "The local cost of terror: Effects of the second Palestinian Intifada on Jerusalem house prices," Regional Science and Urban Economics, Elsevier, vol. 40(6), pages 415-426, November.

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