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Effects on housing prices of urban attraction and labor market accessibility

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Abstract

Through a hedonic approach this study primarily focuses on how house prices vary systematically with respect to some general spatial structure characteristics in a Norwegian region. The introduction of a gravity based labor market accessibility measure contributes significantly to explain variation in housing prices, also in a model formulation where the distance from the city center is accounted for. Based on these results we suggest a distinction between an urban attraction effect and a labor market accessibility effect. Quantitatively, the two distinct effects are found to contribute about equally to intraregional variation in housing prices.

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  • Osland, Liv & Thorsen, Inge, 2005. "Effects on housing prices of urban attraction and labor market accessibility," Working Papers in Economics 17/05, University of Bergen, Department of Economics.
    • Handle: RePEc:hhs:bergec:2005_017
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    File URL: http://ekstern.filer.uib.no/svf/2005/No.%2017-05.pdf
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    1. Osland, Liv & Thorsen, Inge & Gitlesen, Jens Petter, 2005. "Housing price gradients in a geography with one dominating center," Working Papers in Economics 06/05, University of Bergen, Department of Economics.
    2. Giuliano, Genevieve & Small, Kenneth A., 1991. "Subcenters in the Los Angeles region," Regional Science and Urban Economics, Elsevier, vol. 21(2), pages 163-182, July.
    3. Laakso, Seppo, . "Urban Housing Prices and the Demand for Housing Characteristics. A Study on Housing Prices and the Willingness to pay for Housing Characteristics and Local Public Goods in the Helsinki Metropolitan Ar," ETLA A, The Research Institute of the Finnish Economy, number 27.
    4. Waddell, Paul & Berry, Brian J L & Hoch, Irving, 1993. "Residential Property Values in a Multinodal Urban Area: New Evidence on the Implicit Price of Location," The Journal of Real Estate Finance and Economics, Springer, vol. 7(2), pages 117-141, September.
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    Cited by:

    1. Liv Osland & Inge Thorsen, 2006. "Evaluating Housing Price Predictability of Alternative Hedonic Model Formulations," ERSA conference papers ersa06p492, European Regional Science Association.
    2. Dani Broitman & Daniel Czamanski, 2012. "Cities in Competition, Characteristic Time, and Leapfrogging Developers," Environment and Planning B, , vol. 39(6), pages 1105-1118, December.
    3. Liv Osland & Inge Thorsen, 2006. "Testing for the Impact of Local Labour Market Characteristics on House Prices," ERSA conference papers ersa06p490, European Regional Science Association.

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    More about this item

    Keywords

    house prices; urban attraction; labor market accessibility; hedonic approach; price and accessibility gradients;
    All these keywords.

    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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