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Measuring the Price Impact of Municipal Incorporation on Homeowner Associations

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  • William H. Rogers

Abstract

This paper investigates the impact of municipal formation, and subsequent change in land-use restrictions on existing deed-restricted subdivisions (DRSs) using a unique case in the suburbs of Saint Louis County: the city of Wildwood incorporated in 1995 even though a majority of houses were already in a homeowner association. Data was collected on single-family housing sales from 1990 through 2000 and on characteristics of 830 DRSs. Using a hedonic model, the surrounding 10 municipalities, and unincorporated area, results show a decline in DRS premiums after incorporation; however, the decline seems to have been concentrated in lots larger than 1 acre.

Suggested Citation

  • William H. Rogers, 2010. "Measuring the Price Impact of Municipal Incorporation on Homeowner Associations," Land Economics, University of Wisconsin Press, vol. 86(1), pages 91-116.
    • Handle: RePEc:uwp:landec:v:86:y:2010:i:1:p:91-116
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • D71 - Microeconomics - - Analysis of Collective Decision-Making - - - Social Choice; Clubs; Committees; Associations
    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns

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