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Valuing iconic design: Frank Lloyd Wright architecture in Oak Park, Illinois

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  • Ahlfeldt, Gabriel M.
  • Mastro, Alexandra

Abstract

This study investigates the willingness of homebuyers to pay for co-location with iconic architecture. Oak Park, Illinois was chosen as the study area given its unique claim of having 24 residential structures designed by world-famous American architect Frank Lloyd Wright, in addition to dozens of other designated landmarks and three preservation districts. This study adds to the limited body of existing literature on the external price effects of architectural design and is unique in its focus on residential architecture. We find a premium of about 8.5% within 50-100m of the nearest Wright building and about 5% within 50-250m. These results indicate that an external premium to iconic architecture does exist, although it may partially be attributable to the prominence of the architect

Suggested Citation

  • Ahlfeldt, Gabriel M. & Mastro, Alexandra, 2012. "Valuing iconic design: Frank Lloyd Wright architecture in Oak Park, Illinois," LSE Research Online Documents on Economics 43470, London School of Economics and Political Science, LSE Library.
  • Handle: RePEc:ehl:lserod:43470
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    File URL: http://eprints.lse.ac.uk/43470/
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    Cited by:

    1. Boualam, Brahim, 2014. "Does culture affect local productivity and urban amenities?," Regional Science and Urban Economics, Elsevier, vol. 46(C), pages 12-17.
    2. ., 2014. "Residential segregation and people sorting within cities," Chapters,in: Urban Economics and Urban Policy, chapter 3, pages 54-76 Edward Elgar Publishing.
    3. repec:gam:jsusta:v:10:y:2018:i:5:p:1418-:d:144414 is not listed on IDEAS

    More about this item

    Keywords

    Frank Lloyd Wright; hedonic analysis; iconic architecture; property prices;

    JEL classification:

    • N0 - Economic History - - General

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