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An Empirical Examination of Traditional Neighborhood Development
Author(s) -
Tu Charles C.,
Eppli Mark J.
Publication year - 2001
Publication title -
real estate economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.064
H-Index - 61
eISSN - 1540-6229
pISSN - 1080-8620
DOI - 10.1111/1080-8620.00019
Subject(s) - differential (mechanical device) , urbanism , economics , demographic economics , geography , architecture , engineering , archaeology , aerospace engineering
This study analyzes the impact of the new urbanism on single‐family home prices. Specifically, we explore the price differential that homebuyers pay for houses in new urbanist developments relative to houses in conventional suburban developments. Using data on over 5,000 single‐family home sales from 1994 to 1997 in three different neighborhoods, hedonic regression results reveal that consumers pay more for homes in new urbanist communities than those in conventional suburban developments. Further analyses indicate that the price premium is not attributable to differences in improvement age and other housing characteristics.