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Ownership Restriction and Housing Value: Evidence from American Housing survey


  • Zhenguo Lin

    () (Mississippi State University)

  • Yingchun Liu

    () (Texas Tech University)

  • Vincent W. Yao

    () (Fannie Mae)


Amendments to the Fair Lending Act have exempted an age restriction on ownership from fair housing prohibitions. This paper studies the economic impact of such ownership restriction on housing values. Using American Housing Survey data, we find that there is a significant premium attached to the restrictive covenant when other factors are controlled. In particular, we find that imposing age restriction on ownership increases the housing values by anywhere from 10.5% to 12.7%. At the average house value, this is equivalent to a dollar amount between $14,642 and $17,399. The estimates are robust to different specifications in hedonic equations.

Suggested Citation

  • Zhenguo Lin & Yingchun Liu & Vincent W. Yao, 2010. "Ownership Restriction and Housing Value: Evidence from American Housing survey," Journal of Real Estate Research, American Real Estate Society, vol. 32(2), pages 201-220.
  • Handle: RePEc:jre:issued:v:32:n:2:2010:p:201-220

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    References listed on IDEAS

    1. Capozza, Dennis & Li, Yuming, 1994. "The Intensity and Timing of Investment: The Case of Land," American Economic Review, American Economic Association, vol. 84(4), pages 889-904, September.
    2. Kerry D. Vandell, 1991. "Business versus Real Estate Value in Shopping Mall Valuation: A Critical Examination," Wisconsin-Madison CULER working papers 91-03, University of Wisconsin Center for Urban Land Economic Research.
    3. Jeffrey D. Fisher & George H. Lentz, 1990. "Business Enterprise Value in Shopping Malls: An Empirical Test," Journal of Real Estate Research, American Real Estate Society, vol. 5(1), pages 167-175.
    4. Titman, Sheridan, 1985. "Urban Land Prices under Uncertainty," American Economic Review, American Economic Association, vol. 75(3), pages 505-514, June.
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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services


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