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Valuing Iconic Design: Frank Lloyd Wright Architecture in Oak Park, Illinois

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  • Gabriel M. Ahfeldt
  • Alexandra Mastro
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    Abstract

    This study investigates the willingness of homebuyers to pay for co-location with iconic architecture. Oak Park, Illinois was chosen as the study area given its unique claim of having 24 residential structures designed by world-famous American architect Frank Lloyd Wright, in addition to dozens of other designated landmarks and three preservation districts. This study adds to the limited body of existing literature on the external price effects of architectural design and is unique in its focus on residential architecture. The results show that an external premium to iconic architecture does exist and that the effect steeply decays with distance.

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    File URL: http://www.spatialeconomics.ac.uk/textonly/SERC/publications/download/sercdp0084.pdf
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    Bibliographic Info

    Paper provided by Spatial Economics Research Centre, LSE in its series SERC Discussion Papers with number 0084.

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    Date of creation: Jul 2011
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    Handle: RePEc:cep:sercdp:0084

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    Web page: http://www.spatialeconomics.ac.uk/SERC/publications/default.asp

    Related research

    Keywords: Frank Lloyd Wright; hedonic analysis; iconic architecture; property prices;

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