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Effects of Zoning on Residential Option Value

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  • Jonathan Young

    ()
    (Department of Economics, West Virginia University)

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    Abstract

    Knowing more precisely how zoning affects housing value would allow policy-makers to improve long-term policy decisions. Previous studies have concluded that local zoning regulations affect residential option value. These studies, however, do not specify the magnitude of the effect for varying zoning types. This study quantifies zoning’s effect on residential option value for specific types of zoning using a hedonic regression model of housing prices. The study utilizes information on housing characteristics and sales prices for a cross-section of houses in Monongalia County, West Virginia. The research develops two models to differentiate between zoning effects on developed versus undeveloped properties. The research finds that R1 and R1a zoning regulations – the most common types of residential zoning in Monongalia County – significantly impact housing value.

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    File URL: http://rri.wvu.edu/wp-content/uploads/2012/11/youngwp2004-12.pdf
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    Bibliographic Info

    Paper provided by Regional Research Institute, West Virginia University in its series Working Papers with number 200412.

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    Length: 16 pages
    Date of creation: 2004
    Date of revision:
    Handle: RePEc:rri:wpaper:200412

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    Web page: http://rri.wvu.edu/research/working-papers/
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    Related research

    Keywords: zoning; housing value; policy; regional development; West Virginia;

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    References

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    1. Jeremy Groves & Eric Helland, . "Zoning and the Distribution of Locational Rents: An Empirical Analysis of Harris County Texas," Claremont Colleges Working Papers 2000-15, Claremont Colleges.
    2. J. Phillips & E. Goodstein, 2000. "Growth management and housing prices: the case of Portland, Oregon," Contemporary Economic Policy, Western Economic Association International, vol. 18(3), pages 334-344, 07.
    3. Turnbull, Geoffrey K., 1991. "A comparative dynamic analysis of zoning in a growing city," Journal of Urban Economics, Elsevier, vol. 29(2), pages 235-248, March.
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