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Testing for the Impact of Local Labour Market Characteristics on House Prices

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  • Liv Osland

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  • Inge Thorsen

    ()

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    Abstract

    The starting point of this paper is a hedonic regression model where house prices are explained as a result of urban attraction and the accessibility to job opportunities in the region. The basic hypothesis is that house prices reflect that households in addition value accessibility to job opportunities in the neighborhood. We propose several measures of local labor market characteristics, and test for the impact on house prices. The alternative measures do not add considerably to the explanatory power. Still, some characteristics contribute significantly, and affect the size and interpretation of the relationship between local labor market conditions and house prices.

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    File URL: http://www-sre.wu-wien.ac.at/ersa/ersaconfs/ersa06/papers/490.pdf
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    Bibliographic Info

    Paper provided by European Regional Science Association in its series ERSA conference papers with number ersa06p490.

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    Date of creation: Aug 2006
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    Handle: RePEc:wiw:wiwrsa:ersa06p490

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    1. Mingche M. Li & H. James Brown, 1980. "Micro-Neighborhood Externalities and Hedonic Housing Prices," Land Economics, University of Wisconsin Press, University of Wisconsin Press, vol. 56(2), pages 125-141.
    2. Clapp, John M, 2003. "A Semiparametric Method for Valuing Residential Locations: Application to Automated Valuation," The Journal of Real Estate Finance and Economics, Springer, Springer, vol. 27(3), pages 303-20, November.
    3. Osland, Liv & Thorsen, Inge, 2005. "Effects on housing prices of urban attraction and labor market accessibility," Working Papers in Economics, University of Bergen, Department of Economics 17/05, University of Bergen, Department of Economics.
    4. S. N. Wood, 2000. "Modelling and smoothing parameter estimation with multiple quadratic penalties," Journal of the Royal Statistical Society Series B, Royal Statistical Society, Royal Statistical Society, vol. 62(2), pages 413-428.
    5. A S Fotheringham, 1983. "A new set of spatial-interaction models: the theory of competing destinations," Environment and Planning A, Pion Ltd, London, Pion Ltd, London, vol. 15(1), pages 15-36, January.
    6. Giuliano, Genevieve & Small, Kenneth A., 1991. "Subcenters in the Los Angeles Region," University of California Transportation Center, Working Papers qt7xv976dj, University of California Transportation Center.
    7. S L Handy & D A Niemeier, 1997. "Measuring accessibility: an exploration of issues and alternatives," Environment and Planning A, Pion Ltd, London, Pion Ltd, London, vol. 29(7), pages 1175-1194, July.
    8. P A Pellegrini & A S Fotheringham, 1999. "Intermetropolitan migration and hierarchical destination choice: a disaggregate analysis from the US Public Use Microdata Samples," Environment and Planning A, Pion Ltd, London, Pion Ltd, London, vol. 31(6), pages 1093-1118, June.
    9. Quigley, John M., 1982. "Nonlinear budget constraints and consumer demand: An application to public programs for residential housing," Journal of Urban Economics, Elsevier, vol. 12(2), pages 177-201, September.
    10. Handy, Susan, 1993. "Regional Versus Local Accessibility: Implications for Nonwork Travel," University of California Transportation Center, Working Papers qt2z79q67d, University of California Transportation Center.
    11. Peter Kennedy, 2003. "A Guide to Econometrics, 5th Edition," MIT Press Books, The MIT Press, The MIT Press, edition 5, volume 1, number 026261183x, December.
    12. Anselin, Luc, 2002. "Under the hood : Issues in the specification and interpretation of spatial regression models," Agricultural Economics, Blackwell, Blackwell, vol. 27(3), pages 247-267, November.
    13. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    14. McDonald, John F., 1987. "The identification of urban employment subcenters," Journal of Urban Economics, Elsevier, vol. 21(2), pages 242-258, March.
    15. 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, Springer, vol. 7(2), pages 117-41, September.
    16. Richardson, Harry W, 1988. "Monocentric vs. Policentric Models: The Future of Urban Economics in Regional Science," The Annals of Regional Science, Springer, Springer, vol. 22(2), pages 1-12, July.
    17. Osland, Liv & Thorsen, Inge & Gitlesen, Jens Petter, 2005. "Housing price gradients in a geography with one dominating center," Working Papers in Economics, University of Bergen, Department of Economics 06/05, University of Bergen, Department of Economics.
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