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Living On The Edge: Residential Property Values In The Urban/Rural Fringe?

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  • Fakhruddin, Fahmida
  • Espey, Molly

Abstract

Using hedonic analysis of residential properties in the upstate of South Carolina, location in the urban/rural fringe is estimated to have a significant positive value relative to either rural or urban locations. The differential impact of private and public undeveloped land on housing price is estimated empirically. The results indicate that homes in the rural fringe, urban-rural fringe and urban fringe are worth about 11, 8 and 6 percent more respectively than homes in urban areas. The results also show that lake front, lake access and lake view houses are worth about 48, 35 and 30 percent more respectively than the houses which do not have lake view, lake access or lake frontage.

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Bibliographic Info

Paper provided by American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association) in its series 2003 Annual meeting, July 27-30, Montreal, Canada with number 22072.

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Date of creation: 2003
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Handle: RePEc:ags:aaea03:22072

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Keywords: Land Economics/Use;

References

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  1. Netusil, Noelwah R. & Boyd, Erin & van Griffen, Zaid & LaMerrill, Michelle & Rainsberger, Elisabeth, 2000. "Can Open Spaces Be Self-Financing?," Choices, Agricultural and Applied Economics Association, vol. 15(2).
  2. Espey, Molly & Owusu-Edusei, Kwame, 2001. "Neighborhood Parks And Residential Property Values In Greenville, South Carolina," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 33(03), December.
  3. Do, A Quang & Grudnitski, Gary, 1995. "Golf Courses and Residential House Prices: An Empirical Examination," The Journal of Real Estate Finance and Economics, Springer, vol. 10(3), pages 261-70, May.
  4. Doss, Cheryl R. & Taff, Steven J., 1993. "The Relationship Of Property Values And Wetlands Proximity In Ramsey County, Minnesota," Economic Reports 13086, University of Minnesota, Department of Applied Economics.
  5. Geoghegan, Jacqueline & Wainger, Lisa A. & Bockstael, Nancy E., 1997. "Spatial landscape indices in a hedonic framework: an ecological economics analysis using GIS," Ecological Economics, Elsevier, vol. 23(3), pages 251-264, December.
  6. Hans R. Isakson & Mark D. Ecker, 2001. "An Analysis of the Influence of Location in the Market for Undeveloped Urban Fringe Land," Land Economics, University of Wisconsin Press, vol. 77(1), pages 30-41.
  7. Parsons, George R., 1992. "The effect of coastal land use restrictions on housing prices: A repeat sale analysis," Journal of Environmental Economics and Management, Elsevier, vol. 22(1), pages 25-37, January.
  8. Frech, H. III & Lafferty, Ronald N., 1984. "The effect of the California Coastal Commission on housing prices," Journal of Urban Economics, Elsevier, vol. 16(1), pages 105-123, July.
  9. Nancy E. Bockstael, 1996. "Modeling Economics and Ecology: The Importance of a Spatial Perspective," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 78(5), pages 1168-1180.
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