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The Concept and Market Extraction of Effective Age for Residential Properties



This paper presents a theoretical and algebraic technique for the estimation of effective age on a residential property. This estimate for the subject property is a number that is calculated relative to the aging of the comparables. The owner's rate of aging can be compared to the rate exhibited by the comparables to determine if the subject's economic life should be equal or different to the economic life of the comparables. The analysis and technique should be of use to every residential appraiser.

Suggested Citation

  • Donald R. Epley, 1990. "The Concept and Market Extraction of Effective Age for Residential Properties," Journal of Real Estate Research, American Real Estate Society, vol. 5(1), pages 41-52.
  • Handle: RePEc:jre:issued:v:5:n:1:1990:p:41-52

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    References listed on IDEAS

    1. Chinloy, Peter, 1980. "The effect of maintenance expenditures on the measurement of depreciation in housing," Journal of Urban Economics, Elsevier, vol. 8(1), pages 86-107, July.
    2. McHugh, Richard & Lane, Julia, 1987. "The Age of Capital, the Age of Utilized Capital, and Tests of the Embodiment Hypothesis," The Review of Economics and Statistics, MIT Press, vol. 69(2), pages 362-367, May.
    3. Olsen, Edgar O, 1969. "A Competitive Theory of the Housing Market," American Economic Review, American Economic Association, vol. 59(4), pages 612-622, Part I Se.
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    JEL classification:

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


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