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Urban Location and Housing Prices within a Hedonic Model

  • Ottensmann, John R.
  • Payton, Seth
  • Man, Joyce
Registered author(s):

    A measure of location relative to employment is often included in hedonic housing price models. This is most often distance to the center, based on the monocentric model, which does not consider the decentralization of employment in urban areas. This paper tests the perfor-mance of alternative measures of location, considering both distance and time to the center and to multiple employment centers and measures of accessibility to employment and change in accessibility. The measures using multiple employment centers and accessibility perform better than simple distance to the center, with the combination of accessibility to employment and change in accessibility doing best.

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    File URL: http://purl.umn.edu/132338
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    Article provided by Mid-Continent Regional Science Association in its journal Journal of Regional Analysis and Policy.

    Volume (Year): 38 (2008)
    Issue (Month): 1 ()
    Pages:

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    Handle: RePEc:ags:jrapmc:132338
    Contact details of provider: Web page: http://jrap-journal.org/index.htm

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    1. J F McDonald & D P McMillen, 1990. "Employment subcenters and land values in a polycentric urban area: the case of Chicago," Environment and Planning A, Pion Ltd, London, vol. 22(12), pages 1561-1574, December.
    2. Ihlanfeldt, Keith R & Sjoquist, David L, 1990. "Job Accessibility and Racial Differences in Youth Employment Rates," American Economic Review, American Economic Association, vol. 80(1), pages 267-76, March.
    3. N. Edward Coulson, 1991. "Really Useful Tests of the Monocentric Model," Land Economics, University of Wisconsin Press, vol. 67(3), pages 299-307.
    4. McMillen, Daniel P. & McDonald, John F., 1998. "Suburban Subcenters and Employment Density in Metropolitan Chicago," Journal of Urban Economics, Elsevier, vol. 43(2), pages 157-180, March.
    5. 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.
    6. Jon P. Nelson, 2004. "Meta-Analysis of Airport Noise and Hedonic Property Values," Journal of Transport Economics and Policy, London School of Economics and University of Bath, vol. 38(1), pages 1-27, January.
    7. Small Kenneth A. & Song Shunfeng, 1994. "Population and Employment Densities: Structure and Change," Journal of Urban Economics, Elsevier, vol. 36(3), pages 292-313, November.
    8. Shunfeng Song, 1996. "Some Tests of Alternative Accessibility Measures: A Population Density Approach," Land Economics, University of Wisconsin Press, vol. 72(4), pages 474-482.
    9. Molly Espey, 2000. "The Impact of Airport Noise and Proximity on Residential Property Values," Growth and Change, Wiley Blackwell, vol. 31(3), pages 408-419.
    10. Alex Anas & Richard Arnott & Kenneth A. Small, 1998. "Urban Spatial Structure," Journal of Economic Literature, American Economic Association, vol. 36(3), pages 1426-1464, September.
    11. Griffith, Daniel A., 1981. "Modelling urban population density in a multi-centered city," Journal of Urban Economics, Elsevier, vol. 9(3), pages 298-310, May.
    12. Katz, Lawrence & Rosen, Kenneth T, 1987. "The Interjurisdictional Effects of Growth Controls on Housing Prices," Journal of Law and Economics, University of Chicago Press, vol. 30(1), pages 149-60, April.
    13. William M. Bowen, 2001. "Theoretical and Empirical Considerations Regarding Space in Hedonic Housing Price Model Applications," Growth and Change, Wiley Blackwell, vol. 32(4), pages 466-490.
    14. Ihlanfeldt Keith R., 1993. "Intra-urban Job Accessibility and Hispanic Youth Employment Rates," Journal of Urban Economics, Elsevier, vol. 33(2), pages 254-271, March.
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