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A Hedonic Price Comparison of Manufactured and Site-Built Homes in the Non-MSA United States

  • Stephanie E. Vanderford


    (Department of Housing and Consumer Economics, University of Georgia, 305 Sanford Drive, Athens, Georgia 30602-2622)

  • Yoko Mimura


  • Anne L. Sweaney


Registered author(s):

    This research used the hedonic price technique to focus on a housing characteristic that has been studied infrequently: whether a home is site-built or manufactured. Two hedonic price regression models were used to determine the predictive power of construction type on home price. The first, which controlled for factors found to relate to home prices in previous research, showed a significant difference between the prices of the two types of homes. The second, which also included other variables through a stepwise regression, found that the type of construction had more predictive power than any other explanatory variable in the model

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    Article provided by American Real Estate Society in its journal journal of Real Estate Research.

    Volume (Year): 27 (2005)
    Issue (Month): 1 ()
    Pages: 83-104

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    Handle: RePEc:jre:issued:v:27:n:1:2005:p:83-104
    Contact details of provider: Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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    Order Information: Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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    1. Kelvin J. Lancaster, 1966. "A New Approach to Consumer Theory," Journal of Political Economy, University of Chicago Press, vol. 74, pages 132.
    2. Gilley, Otis W & Pace, R Kelley, 1995. "Improving Hedonic Estimation with an Inequality Restricted Estimator," The Review of Economics and Statistics, MIT Press, vol. 77(4), pages 609-21, November.
    3. Downes, Thomas A. & Zabel, Jeffrey E., 2002. "The impact of school characteristics on house prices: Chicago 1987-1991," Journal of Urban Economics, Elsevier, vol. 52(1), pages 1-25, July.
    4. Linneman, Peter, 1980. "Some empirical results on the nature of the hedonic price function for the urban housing market," Journal of Urban Economics, Elsevier, vol. 8(1), pages 47-68, July.
    5. Hughes, William Jr. & Turnbull, Geoffrey K., 1996. "Uncertain Neighborhood Effects and Restrictive Covenants," Journal of Urban Economics, Elsevier, vol. 39(2), pages 160-172, March.
    6. Basu, Sabyasachi & Thibodeau, Thomas G, 1998. "Analysis of Spatial Autocorrelation in House Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 61-85, July.
    7. Can, Ayse & Megbolugbe, Isaac, 1997. "Spatial Dependence and House Price Index Construction," The Journal of Real Estate Finance and Economics, Springer, vol. 14(1-2), pages 203-22, Jan.-Marc.
    8. Goodman, Allen C., 1988. "An econometric model of housing price, permanent income, tenure choice, and housing demand," Journal of Urban Economics, Elsevier, vol. 23(3), pages 327-353, May.
    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. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
    11. Ihlanfeldt, Keith R. & Martinez-Vazquez, Jorge, 1986. "Alternative value estimates of owner-occupied housing: Evidence on sample selection bias and systematic errors," Journal of Urban Economics, Elsevier, vol. 20(3), pages 356-369, November.
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