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A Housing Price Model with Endogenous Externality Location: A Study of Mobile Home Parks

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  • Munneke, Henry J
  • Slawson, V Carlos, Jr

Abstract

This research explores the impact of mobile home parks on the value of single-family homes. This is the first study that empirically analyzes the effect of mobile home parks on property values. The empirical methodology used attempts to address the potential identification problem that exists within this study; it is possible that mobile home parks are located in areas of relatively lower land values or next to other land uses that impact property values. To address this identification problem, mobile home park locations are treated as endogenous within the model and the mobile home parks are identified as being located in residential or non-residential areas. The results suggest a negative effect on the selling price of single-family dwellings in close proximity to mobile home parks located in residential areas. Copyright 1999 by Kluwer Academic Publishers

Suggested Citation

  • Munneke, Henry J & Slawson, V Carlos, Jr, 1999. "A Housing Price Model with Endogenous Externality Location: A Study of Mobile Home Parks," The Journal of Real Estate Finance and Economics, Springer, vol. 19(2), pages 113-131, September.
    • Handle: RePEc:kap:jrefec:v:19:y:1999:i:2:p:113-31
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    Cited by:

    1. Geoffrey Turnbull & Velma Zahirovic-Herbert, 2012. "The Transitory and Legacy Effects of the Rental Externality on House Price and Liquidity," The Journal of Real Estate Finance and Economics, Springer, vol. 44(3), pages 275-297, April.
    2. Hans R. Isakson & Mark D. Ecker, 2008. "An analysis of the impact of swine CAFOs on the value of nearby houses," Agricultural Economics, International Association of Agricultural Economists, vol. 39(3), pages 365-372, November.
    3. Chamblee, John F. & Dehring, Carolyn A. & Depken, Craig A., 2009. "Watershed development restrictions and land prices: Empirical evidence from southern Appalachia," Regional Science and Urban Economics, Elsevier, vol. 39(3), pages 287-296, May.
    4. Liu, Sezhu & Hite, Diane, 2013. "Measuring the Effect of Green Space on Property Value: An Application of the Hedonic Spatial Quantile Regression," 2013 Annual Meeting, February 2-5, 2013, Orlando, Florida 143045, Southern Agricultural Economics Association.
    5. Jeffrey P. Cohen & Cletus C. Coughlin, 2008. "Spatial Hedonic Models Of Airport Noise, Proximity, And Housing Prices," Journal of Regional Science, Wiley Blackwell, vol. 48(5), pages 859-878, December.
    6. William P. McCarty, 2013. "An Exploratory Examination of Social Ties and Crime in Mobile Home Communities," SAGE Open, , vol. 3(4), pages 21582440135, November.
    7. Becker, Charles & Rickert, Timothy, 2019. "Zoned out? The determinants of manufactured housing rents: Evidence from North Carolina," Journal of Housing Economics, Elsevier, vol. 46(C).
    8. Taggert J. Brooks & Brad R. Humphreys & Adam Nowak, 2020. "Strip Clubs, “Secondary Effects” and Residential Property Prices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 48(3), pages 850-885, September.
    9. Steve Gibbons, 2003. "Paying for Good Neighbours: Estimating the Value of an Implied Educated Community," Urban Studies, Urban Studies Journal Limited, vol. 40(4), pages 809-833, April.
    10. Paul Thorsnes & Robert Alexander & David Kidson, 2011. "Low-income housing in high-amenity areas: Long-run impacts on residential development," Working Papers 1115, University of Otago, Department of Economics, revised Dec 2011.
    11. Steve Gibbons, 2001. "Paying for good neighbours? Neighbourhood deprivation and the communiy benefits of education," CEE Discussion Papers 0017, Centre for the Economics of Education, LSE.
    12. Bo-sin Tang & Kwan To Wong, 2020. "Assessing externality: Successive event studies on market impacts of new housing development on an old residential neighbourhood," Environment and Planning B, , vol. 47(1), pages 156-173, January.
    13. Henry J. Munneke & C.F. Sirmans & Barrett A. Slade & Geoffrey K. Turnbull, 2014. "Housing Regulation, Externalities and Residential Property Prices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 42(2), pages 422-456, June.
    14. Taggert J. Brooks & Brad R. Humphreys & Adam Nowak, 2016. "Strip Clubs, “Secondary Effects,†and Residential Property Prices," Working Papers 16-17, Department of Economics, West Virginia University.

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