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Testing for the impact of local spatial structure characteristics on house prices

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Abstract

The starting point of this paper is a hedonic regression model where house prices are explained as a result of urban attraction and the accessibility to job opportunities in the region. We introduce the hypothesis that households in addition value accessibility to job opportunities in the neighborhood, and study if and how this is reflected in house prices. We propose several measures of local labor market characteristics, and test for the impact on house prices. The alternative measures do not add considerably to the explanatory power. Still, some characteristics contribute significantly, and affect the strength and interpretation of the relationship between local labor market conditions and house prices.

Suggested Citation

  • Osland, Liv & Thorsen, Inge, 2007. "Testing for the impact of local spatial structure characteristics on house prices," Working Papers in Economics 15/07, University of Bergen, Department of Economics.
  • Handle: RePEc:hhs:bergec:2007_015
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    File URL: http://www.uib.no/filearchive/No.%2015-07.pdf
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    1. Alex Anas & Richard Arnott & Kenneth A. Small, 1998. "Urban Spatial Structure," Journal of Economic Literature, American Economic Association, vol. 36(3), pages 1426-1464, September.
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    More about this item

    Keywords

    Housing Demand; Housing Supply and Markets;

    JEL classification:

    • R21 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Household Analysis - - - Housing Demand
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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