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Relationships between housing prices and commuting flows

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  • Arnstein Gjestland

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  • David McArthur

    ()

  • Liv Osland

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  • Inge Thorsen

    ()

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    Abstract

    It has been argued that gravity models are the most popular mathematical description of human interaction (Sheppard, 1984). In relation to housing prices, gravity based accessibility measures have been suggested as a generalization of modern polycentric labour market structures (Heikkila et al. 1989). Empirical applications of gravity based accessibility measures are, however, fairly resource-demanding. As a determinant of housing prices, one aim of this paper is therefore to compare the performance of one such gravity based measure with simpler measures of mobility. In contrast with the gravity based measures which account for the potential of interaction, the measures introduced in this paper are based on actual commuting patterns. The paper shows that the relationship between housing prices and patterns of commuting is fairly complex and we use a range of different methods to obtain robust conclusions. Finally we try to analyse the effect of long term changes in population on house prices and to study the effect on house prices of a large transport infrastructure investment.

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    File URL: http://www-sre.wu.ac.at/ersa/ersaconfs/ersa10/ERSA2010finalpaper906.pdf
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    Bibliographic Info

    Paper provided by European Regional Science Association in its series ERSA conference papers with number ersa10p906.

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    Date of creation: Sep 2011
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    Handle: RePEc:wiw:wiwrsa:ersa10p906

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    1. Anselin, Luc, 2002. "Under the hood : Issues in the specification and interpretation of spatial regression models," Agricultural Economics, Blackwell, vol. 27(3), pages 247-267, November.
    2. Richard Arnott & Alex Anas & Kenneth Small, 1997. "Urban Spatial Structure," Boston College Working Papers in Economics 388., Boston College Department of Economics.
    3. Helen X.H. Bao & Alan T.K. Wan, 2004. "On the Use of Spline Smoothing in Estimating Hedonic Housing Price Models: Empirical Evidence Using Hong Kong Data," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 32(3), pages 487-507, 09.
    4. G�ran Therborn & K.C. Ho, 2009. "Introduction," City, Taylor & Francis Journals, vol. 13(1), pages 53-62, March.
    5. Raymond J.G.M. Florax & Peter Nijkamp, 2003. "Misspecification in Linear Spatial Regression Models," Tinbergen Institute Discussion Papers 03-081/3, Tinbergen Institute.
    6. Liv Osland, 2010. "An Application of Spatial Econometrics in Relation to Hedonic House Price Modelling," Journal of Real Estate Research, American Real Estate Society, vol. 32(3), pages 289-320.
    7. Kirby, Dustin K. & LeSage, James P., 2009. "Changes in commuting to work times over the 1990 to 2000 period," Regional Science and Urban Economics, Elsevier, vol. 39(4), pages 460-471, July.
    8. E Heikkila & P Gordon & J I Kim & R B Peiser & H W Richardson & D Dale-Johnson, 1989. "What happened to the CBD-distance gradient?: land values in a policentric city," Environment and Planning A, Pion Ltd, London, vol. 21(2), pages 221-232, February.
    9. Dubin, Robin A., 1992. "Spatial autocorrelation and neighborhood quality," Regional Science and Urban Economics, Elsevier, vol. 22(3), pages 433-452, September.
    10. Plaut, Pnina Ohanna & Plaut, Steven E., 1998. "Endogenous Identification of Multiple Housing Price Centers in Metropolitan Areas," Journal of Housing Economics, Elsevier, vol. 7(3), pages 193-217, September.
    11. S L Handy & D A Niemeier, 1997. "Measuring accessibility: an exploration of issues and alternatives," Environment and Planning A, Pion Ltd, London, vol. 29(7), pages 1175-1194, July.
    12. Jackson, Jerry R., 1979. "Intraurban variation in the price of housing," Journal of Urban Economics, Elsevier, vol. 6(4), pages 464-479, October.
    13. James Lesage & Manfred Fischer, 2008. "Spatial Growth Regressions: Model Specification, Estimation and Interpretation," Spatial Economic Analysis, Taylor & Francis Journals, vol. 3(3), pages 275-304.
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