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The center restored: Chicago's residential price gradient reemerges

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Author Info
Daniel P. McMillen

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Abstract

After a long period during which house prices were not affected by distance from Chicago's central business district, values now decline by more than 8 percent per mile. Annual appreciation rates in house prices are higher in neighborhoods close to the city center with large minority populations, high concentrations of poverty, and many vacant homes in 1990.

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File URL: http://www.chicagofed.org/publications/economicperspectives/2002/2qepart1.pdf
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Publisher Info
Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

Volume (Year): (2002)
Issue (Month): Q II ()
Pages: 2-11
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Handle: RePEc:fip:fedhep:y:2002:i:qii:p:2-11:n:v.26no.2

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Related research
Keywords: Chicago (Ill.) ; Housing - Prices ; Population;

References listed on IDEAS
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  1. R. Carter Hill & J. R. Knight & C. F. Sirmans, 1997. "Estimating Capital Asset Price Indexes," The Review of Economics and Statistics, MIT Press, vol. 79(2), pages 226-233, May. [Downloadable!] (restricted)
  2. Geltner, David & Goetzmann, William, 2000. "Two Decades of Commercial Property Returns: A Repeated-Measures Regression-Based Version of the NCREIF Index," The Journal of Real Estate Finance and Economics, Springer, vol. 21(1), pages 5-21, July. [Downloadable!] (restricted)
  3. Gallant, A. Ronald, 1982. "Unbiased determination of production technologies," Journal of Econometrics, Elsevier, vol. 20(2), pages 285-323, November. [Downloadable!] (restricted)
  4. Case, Karl E & Shiller, Robert J, 1989. "The Efficiency of the Market for Single-Family Homes," American Economic Review, American Economic Association, vol. 79(1), pages 125-37, March. [Downloadable!] (restricted)
    Other versions:
  5. Gatzlaff, Dean H & Haurin, Donald R, 1997. "Sample Selection Bias and Repeat-Sales Index Estimates," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 33-50, Jan.-Marc. [Downloadable!] (restricted)
  6. Daniel P. McMillen & Jonathan Dombrow, 2001. "A Flexible Fourier Approach to Repeat Sales Price Indexes," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 29(2), pages 207-225. [Downloadable!] (restricted)
  7. Case, Bradford & Quigley, John M, 1991. "The Dynamics of Real Estate Prices," The Review of Economics and Statistics, MIT Press, vol. 73(1), pages 50-58, February. [Downloadable!] (restricted)
  8. Palmquist, Raymond B, 1980. "Alternative Techniques for Developing Real Estate Price Indexes," The Review of Economics and Statistics, MIT Press, vol. 62(3), pages 442-48, August. [Downloadable!] (restricted)
  9. William N. Goetzmann & Matthew I. Spiegel, 1997. "A Spatial Model of Housing Returns and Neighborhood Substitutability," Yale School of Management Working Papers ysm64, Yale School of Management. [Downloadable!]
    Other versions:
  10. Case, Bradford & Pollakowski, Henry O & Wachter, Susan M, 1997. "Frequency of Transaction and House Price Modeling," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 173-87, Jan.-Marc. [Downloadable!] (restricted)
  11. John M. Clapp & Carmelo Giaccotto & Dogan Tirtiroglu, 1991. "Housing Price Indices Based on All Transactions Compared to Repeat Subsamples," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 19(3), pages 270-285. [Downloadable!] (restricted)
  12. Clapp, John M. & Giaccotto, Carmelo, 1998. "Residential Hedonic Models: A Rational Expectations Approach to Age Effects," Journal of Urban Economics, Elsevier, vol. 44(3), pages 415-437, November. [Downloadable!] (restricted)
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This page was last updated on 2009-11-18.


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