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Neighborhood Diversity and House-Price Appreciation

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  • Macpherson, David A
  • Sirmans, G Stacy

Abstract

This study examines changes in house prices relative to the level of and change in percent racial/ethnic composition for certain counties in Tampa and Orlando, Florida. Repeat-sales transactions between 1971 and 1997 are used to create a constant quality price index for each city. The index for Tampa shows that the average annual house price appreciation was 5.89 percent over the period 1970 through 1997. The index for Orlando shows that the average annual house price appreciation was 5.25 percent over the 1970 through 1997 period. When the Tampa index model is expanded to account for race/ethnicity, household factors, and economic factors, the level of African American population has no significant effect on house-price appreciation; however, the change in percent African American has a negative effect. The level of percent Hispanic population has a positive effect, and the change in percent Hispanic has a positive effect. The expanded Orlando model shows that the level of percent African American population has no significant effect on price appreciation, while the change in percent African American has a negative effect. The level of Hispanic population has a positive effect, while the change in percent in Hispanic has a negative effect. Copyright 2001 by Kluwer Academic Publishers

Suggested Citation

  • Macpherson, David A & Sirmans, G Stacy, 2001. "Neighborhood Diversity and House-Price Appreciation," The Journal of Real Estate Finance and Economics, Springer, vol. 22(1), pages 81-97, January.
  • Handle: RePEc:kap:jrefec:v:22:y:2001:i:1:p:81-97
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    Citations

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    Cited by:

    1. Karolien De Bruyne & Jan Van Hove, 2013. "Explaining the spatial variation in housing prices: an economic geography approach," Applied Economics, Taylor & Francis Journals, vol. 45(13), pages 1673-1689, May.
    2. Clapp, John M. & Nanda, Anupam & Ross, Stephen L., 2008. "Which school attributes matter? The influence of school district performance and demographic composition on property values," Journal of Urban Economics, Elsevier, vol. 63(2), pages 451-466, March.
    3. Ihlanfeldt, Keith R. & Shaughnessy, Timothy M., 2004. "An empirical investigation of the effects of impact fees on housing and land markets," Regional Science and Urban Economics, Elsevier, vol. 34(6), pages 639-661, November.
    4. Douglas Coate & Richard Schwester, 2008. "Black-White Appreciation of Owner Occupied Homes in Upper Income Suburban Integrated Communities: The Cases of Maplewood and Montclair, New Jersey," Working Papers Rutgers University, Newark 2008-001, Department of Economics, Rutgers University, Newark.
    5. Cobb-Clark, Deborah A. & Sinning, Mathias G., 2011. "Neighborhood diversity and the appreciation of native- and immigrant-owned homes," Regional Science and Urban Economics, Elsevier, vol. 41(3), pages 214-226, May.
    6. Dietz, Robert D. & Haurin, Donald R., 2003. "The social and private micro-level consequences of homeownership," Journal of Urban Economics, Elsevier, vol. 54(3), pages 401-450, November.
    7. Karolien De Bruyne & Jan Van Hove, "undated". "Explaining Spatial Variation in Housing Prices: An Economic Geography Approach," Regional and Urban Modeling 283600023, EcoMod.
    8. Li, Qiang, 2014. "Ethnic diversity and neighborhood house prices," Regional Science and Urban Economics, Elsevier, vol. 48(C), pages 21-38.

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