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The Housing Market Bust and Farmland Values: Identifying the Changing Influence of Proximity to Urban Centers

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  • Zhang, Wendong
  • Nickerson, Cynthia J.

Abstract

Though about one-third of farmland is subject to urban influences, little is known about how changes in urban land markets affect farmland values. This paper identifies the impact of the recent residential housing market bust and subsequent economic recession on farmland values, using parcel-level farmland sales data from 2001-2010 for a 50-county region under urbanization pressure in Western Ohio. Our estimates from hedonic regressions reveal that farmland was not immune to the residential housing bust; the portion of farmland value attributable to urban demands for developable land was almost completely wiped out shortly after the housing market bust in 2009-2010.

Suggested Citation

  • Zhang, Wendong & Nickerson, Cynthia J., 2013. "The Housing Market Bust and Farmland Values: Identifying the Changing Influence of Proximity to Urban Centers," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 149870, Agricultural and Applied Economics Association.
    • Handle: RePEc:ags:aaea13:149870
    DOI: 10.22004/ag.econ.149870
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    JEL classification:

    • Q15 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Agriculture - - - Land Ownership and Tenure; Land Reform; Land Use; Irrigation; Agriculture and Environment
    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns

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