Living On The Edge: Residential Property Values In The Urban/Rural Fringe?
Using hedonic analysis of residential properties in the upstate of South Carolina, location in the urban/rural fringe is estimated to have a significant positive value relative to either rural or urban locations. The differential impact of private and public undeveloped land on housing price is estimated empirically. The results indicate that homes in the rural fringe, urban-rural fringe and urban fringe are worth about 11, 8 and 6 percent more respectively than homes in urban areas. The results also show that lake front, lake access and lake view houses are worth about 48, 35 and 30 percent more respectively than the houses which do not have lake view, lake access or lake frontage.
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