IDEAS home Printed from https://ideas.repec.org/a/kap/jrefec/v70y2025i2d10.1007_s11146-023-09963-y.html
   My bibliography  Save this article

Culture and Walkability: Ethnicity, Neighborhood Walkability, and House Price

Author

Listed:
  • Debanjana Dey

    (Rochester Institute of Technology)

  • Noel Ritchey

    (Nicholls State University)

  • Geoffrey K. Turnbull

    (University of Central Florida)

  • Velma Zahirovic-Herbert

    (University of Memphis)

Abstract

This paper examines possible clientele effects underlying the value of walkability in the housing market. Sales transaction data during 2010–2019 in the Atlanta metro area show that houses in more walkable neighborhoods sell at a discount. At the same time, however, we find previously overlooked clientele effects. Focusing on the relationship between buyer ethnic origin and walkability value using a simultaneous equations approach to sort out separate effects on both prices and liquidity, it is clear that more than just walkability matters, as the value ethnic buyers place on walkability also depends on the neighborhood ethnic mix. When compared with non-ethnic buyers, Hispanic buyers discount walkability in both price and liquidity while Indian subcontinent buyer clientele effects appear in terms of liquidity more so than price. The price segments analysis shows the strong clientele effects observed in the lower priced neighborhoods diminish in the medium and higher price neighborhoods.

Suggested Citation

  • Debanjana Dey & Noel Ritchey & Geoffrey K. Turnbull & Velma Zahirovic-Herbert, 2025. "Culture and Walkability: Ethnicity, Neighborhood Walkability, and House Price," The Journal of Real Estate Finance and Economics, Springer, vol. 70(2), pages 273-320, February.
    • Handle: RePEc:kap:jrefec:v:70:y:2025:i:2:d:10.1007_s11146-023-09963-y
    DOI: 10.1007/s11146-023-09963-y
    as

    Download full text from publisher

    File URL: http://link.springer.com/10.1007/s11146-023-09963-y
    File Function: Abstract
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1007/s11146-023-09963-y?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Dionissi Aliprantis, 2017. "Assessing the evidence on neighborhood effects from Moving to Opportunity," Empirical Economics, Springer, vol. 52(3), pages 925-954, May.
    2. Patrick Bayer & Fernando Ferreira & Stephen L. Ross, 2016. "The Vulnerability of Minority Homeowners in the Housing Boom and Bust," American Economic Journal: Economic Policy, American Economic Association, vol. 8(1), pages 1-27, February.
    3. Forrest Young & Yoshio Takane & Jan Leeuw, 1978. "The principal components of mixed measurement level multivariate data: An alternating least squares method with optimal scaling features," Psychometrika, Springer;The Psychometric Society, vol. 43(2), pages 279-281, June.
    4. Joseph Kruskal & Roger Shepard, 1974. "A nonmetric variety of linear factor analysis," Psychometrika, Springer;The Psychometric Society, vol. 39(2), pages 123-157, June.
    5. Geoffrey K. Turnbull & Minrong Zheng, 2021. "A Meta‐Analysis of School Quality Capitalization in U.S. House Prices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 49(4), pages 1120-1171, December.
    6. Gary Pivo & Jeffrey D. Fisher, 2011. "The Walkability Premium in Commercial Real Estate Investments," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 39(2), pages 185-219, June.
    7. Forrest Young, 1981. "Quantitative analysis of qualitative data," Psychometrika, Springer;The Psychometric Society, vol. 46(4), pages 357-388, December.
    8. S. Winsberg & J. Ramsay, 1983. "Monotone spline transformations for dimension reduction," Psychometrika, Springer;The Psychometric Society, vol. 48(4), pages 575-595, December.
    9. Gary Pivo, 2014. "Walk Score: The Significance of 8 and 80 for Mortgage Default Risk in Multifamily Properties," Journal of Sustainable Real Estate, Taylor & Francis Journals, vol. 6(1), pages 187-210, January.
    10. Geoffrey K. Turnbull & Arno J. van der Vlist, 2022. "Bargaining power and segmented markets: Evidence from rental and owner‐occupied housing," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(5), pages 1307-1333, September.
    11. Song, Yan & Knaap, Gerrit-Jan, 2003. "New urbanism and housing values: a disaggregate assessment," Journal of Urban Economics, Elsevier, vol. 54(2), pages 218-238, September.
    12. Wood, Lisa & Frank, Lawrence D. & Giles-Corti, Billie, 2010. "Sense of community and its relationship with walking and neighborhood design," Social Science & Medicine, Elsevier, vol. 70(9), pages 1381-1390, May.
    13. Krainer, John, 2001. "A Theory of Liquidity in Residential Real Estate Markets," Journal of Urban Economics, Elsevier, vol. 49(1), pages 32-53, January.
    14. Austin Boyle & Charles Barrilleaux & Daniel Scheller, 2014. "Does Walkability Influence Housing Prices?," Social Science Quarterly, Southwestern Social Science Association, vol. 95(3), pages 852-867, September.
    15. Stephanie Yates Rauterkus & Norman Miller, 2011. "Residential Land Values and Walkability," Journal of Sustainable Real Estate, Taylor & Francis Journals, vol. 3(1), pages 23-43, January.
    16. Gary Pivo & Jeffrey Fisher, 2010. "Income, Value, and Returns in Socially Responsible Office Properties," Journal of Real Estate Research, Taylor & Francis Journals, vol. 32(3), pages 243-270, January.
    17. Geoffrey Turnbull & Jonathan Dombrow, 2006. "Spatial Competition and Shopping Externalities: Evidence from the Housing Market," The Journal of Real Estate Finance and Economics, Springer, vol. 32(4), pages 391-408, June.
    18. John Matthews & Geoffrey Turnbull, 2007. "Neighborhood Street Layout and Property Value: The Interaction of Accessibility and Land Use Mix," The Journal of Real Estate Finance and Economics, Springer, vol. 35(2), pages 111-141, August.
    19. Ekaterina Chernobai & Zhongming Ma, 2022. "The Effect of Walkability on House Prices," Journal of Housing Research, Taylor & Francis Journals, vol. 31(1), pages 53-73, April.
    20. Natalya Bikmetova & Geoffrey K. Turnbull & Velma Zahirovic‐Herbert, 2023. "Ethnicity in housing markets: Buyers, sellers and agents," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(1), pages 196-232, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Yoo, Boonghee, 2009. "Developing an overall ranking of 79 marketing journals: An introduction of PRINQUAL to marketing," Australasian marketing journal, Elsevier, vol. 17(3), pages 160-174.
    2. Murakami, Jin & Villani, Caterina & Talamini, Gianni, 2021. "The capital value of pedestrianization in Asia's commercial cityscape: Evidence from office towers and retail streets," Transport Policy, Elsevier, vol. 107(C), pages 72-86.
    3. Julia Freybote & Hua Sun & Xi Yang, 2015. "The Impact of LEED Neighborhood Certification on Condo Prices," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 43(3), pages 586-608, September.
    4. Jacqueline Meulman, 1992. "The integration of multidimensional scaling and multivariate analysis with optimal transformations," Psychometrika, Springer;The Psychometric Society, vol. 57(4), pages 539-565, December.
    5. Yencha, Christopher, 2019. "Valuing walkability: New evidence from computer vision methods," Transportation Research Part A: Policy and Practice, Elsevier, vol. 130(C), pages 689-709.
    6. Jingyuan Zhang & Puay Yok Tan & Hui Zeng & Ye Zhang, 2019. "Walkability Assessment in a Rapidly Urbanizing City and Its Relationship with Residential Estate Value," Sustainability, MDPI, vol. 11(8), pages 1-20, April.
    7. Omer Dogan & Jaewon Han & Sugie Lee, 2021. "Opening Gated Communities and Neighborhood Accessibility Benefits: The Case of Seoul, Korea," IJERPH, MDPI, vol. 18(8), pages 1-15, April.
    8. Kevin Credit & Elizabeth Mack, 2019. "Place-making and performance: The impact of walkable built environments on business performance in Phoenix and Boston," Environment and Planning B, , vol. 46(2), pages 264-285, February.
    9. Geoffrey K. Turnbull & Bennie D. Waller & Scott A. Wentland, 2022. "Mitigating agency costs in the housing market," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(3), pages 829-861, September.
    10. Takayuki Saito & Tatsuo Otsu, 1988. "A method of optimal scaling for multivariate ordinal data and its extensions," Psychometrika, Springer;The Psychometric Society, vol. 53(1), pages 5-25, March.
    11. 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.
    12. Duong T. Pham & Geoffrey K. Turnbull & Bennie D. Waller, 2022. "Sex and Selling: Agent Gender and Bargaining Power in the Resale Housing Market," The Journal of Real Estate Finance and Economics, Springer, vol. 64(4), pages 473-499, May.
    13. Willem Heiser, 2004. "Geometric representation of association between categories," Psychometrika, Springer;The Psychometric Society, vol. 69(4), pages 513-545, December.
    14. Hansohm, Jürgen, 2007. "Algorithms and error estimations for monotone regression on partially preordered sets," Journal of Multivariate Analysis, Elsevier, vol. 98(5), pages 1043-1050, May.
    15. Ekaterina Chernobai & Michael Reibel & Michael Carney, 2011. "Nonlinear Spatial and Temporal Effects of Highway Construction on House Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 42(3), pages 348-370, April.
    16. S. Winsberg & J. Ramsay, 1983. "Monotone spline transformations for dimension reduction," Psychometrika, Springer;The Psychometric Society, vol. 48(4), pages 575-595, December.
    17. Haruka Kato & Atsushi Takizawa, 2021. "Which Residential Clusters of Walkability Affect Future Population from the Perspective of Real Estate Prices in the Osaka Metropolitan Area?," Sustainability, MDPI, vol. 13(23), pages 1-20, December.
    18. Hee Jin Yang & Jihoon Song & Mack Joong Choi, 2016. "Measuring the Externality Effects of Commercial Land Use on Residential Land Value: A Case Study of Seoul," Sustainability, MDPI, vol. 8(5), pages 1-15, April.
    19. Higgins, Christopher D. & Arku, Robert N. & Farber, Steven & Miller, Eric J., 2024. "Modelling changes in accessibility and property values associated with the King Street Transit Priority Corridor project in Toronto," Transportation Research Part A: Policy and Practice, Elsevier, vol. 190(C).
    20. Darren K. Hayunga & R. Kelley Pace, 2019. "The Impact of TOM on Prices in the US Housing Market," The Journal of Real Estate Finance and Economics, Springer, vol. 58(3), pages 335-365, April.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:kap:jrefec:v:70:y:2025:i:2:d:10.1007_s11146-023-09963-y. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.