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The Impact of Neighborhood Characteristics on Housing Prices-An Application of Hierarchical Linear Modeling

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Author Info

  • Lee Chun Chang

    ()
    (Department of Real Estate Management, National Pingtung Institute of Commerce, Taiwan. No. 51, Mingsheng East Road, Pingtung, Taiwan.)

  • Hui-Yu Lin

    ()
    (Master, National Pingtung Institute of Commerce, Department of Real Estate Management, Taiwan No. 51, Mingsheng East Road, Pingtung, Taiwan.)

Abstract

Housing data are of a nested nature as houses are nested in a village, a town, or a county. This study thus applies HLM (hierarchical linear modelling) in an empirical study by adding neighborhood characteristic variables into the model for consideration. Using the housing data of 31 neighborhoods in the Taipei area as analysis samples and three HLM sub-models, this study discusses the impact of neighborhood characteristics on house prices. The empirical results indicate that the impact of various neighborhood characteristics on average housing prices is different and that the impact of house characteristics on house prices is also moderated by neighborhood characteristics.

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Bibliographic Info

Article provided by Pak Publishing Group in its journal International Journal of Management and Sustainability.

Volume (Year): 1 (2012)
Issue (Month): 2 (12-2012)
Pages: 31-44

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Handle: RePEc:pkp:ijomas:2012:p:31-44

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Web page: http://www.pakinsight.com/?ic=journal&journal=IJMS

Related research

Keywords: Neighborhood characteristics; house prices; hierarchical linear modelling (HLM); random effect; moderate effect.;

References

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  1. 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.
  2. Kiel, Katherine A. & Zabel, Jeffrey E., 2008. "Location, location, location: The 3L Approach to house price determination," Journal of Housing Economics, Elsevier, vol. 17(2), pages 175-190, June.
  3. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
  4. Okmyung Bin & Carlos Martins-Filho, . "Estimation of Hedonic Price Functions via Additive Nonparametric Regression," Working Papers 0116, East Carolina University, Department of Economics.
  5. Quigley, John M., 1985. "Consumer choice of dwelling, neighborhood and public services," Regional Science and Urban Economics, Elsevier, vol. 15(1), pages 41-63, February.
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