Acolin, Arthur; Colburn, Gregg; Walter, Rebecca J. (2022). How Do Single-Family Homeowners Value Residential and Commercial Density? It Depends. Land Use Policy, 113.
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Abstract
This paper develops estimates of the relationship between local density and single-family home values using 2017 transactions for five U.S. metropolitan regions: Chicago, Los Angeles, Minneapolis, Philadelphia, Seattle. Proposals to build new commercial and residential development projects that would increase local density commonly face opposition from local homeowners. Academic literature links the response from homeowners to concerns that higher density is associated with lower property values but there is limited empirical evidence establishing this relationship at the local level. We find a positive and significant relationship between density and house value in the core area of the five metropolitan regions we analyze. Within 7.5 miles of the center of these metropolitan regions, a 10% increase in surrounding built area density is associated with a 1.1–1.9% increase in house prices per square foot. For outlying areas, the estimates are smaller and even negative in several cases. We instrument density based on topographic and soil characteristics and find similar results. These findings point to the need for a more nuanced discussion of the relationship between local density and housing values.
Keywords
Population Density; Soil Density; Single Family Housing; Home Ownership; Housing Development; Housing Discrimination; Home Prices; Los Angeles (calif.); Density; Single-family House Value; Urban Form; Residential Development; Real Estate; Property Values; Residential Density; Development Programs; Housing; Estimates; Metropolitan Areas; Development Projects; Empirical Analysis; Families & Family Life; Soil Characteristics
Tillyer, Marie Skubak; Walter, Rebecca J. (2019). Busy Businesses and Busy Contexts: The Distribution and Sources of Crime at Commercial Properties. Journal Of Research In Crime & Delinquency, 56(6), 816 – 850.
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Abstract
Objective: Examine the distribution and sources of crime across freestanding businesses in San Antonio. We test hypotheses about the main and interactive effects of neighborhood and business characteristics on crime at the business, with a focus on busy contexts and busy businesses. Method: Police crime incident data are spatially joined to study area business parcels. Additional data sources include Infogroup USA Business Data, the American Community Survey, and an Environmental Protection Agency traffic activity indicator. Multilevel negative binomial regression models are estimated to observe the main and interactive effects of census block group and business variables on crime at the parcel. Results: Businesses located in block groups with more commercial property and high levels of vehicular traffic experience more crime. In addition, crime is higher at busy businesses, as indicated by employee size, sales volume, and square footage. Busy contexts and busy businesses do not appear to interact to increase crime at the parcel beyond their main effects. Conclusions: Crime is clustered at relatively few businesses, and this variation cannot be explained by business type alone. Both neighborhood and business characteristics are associated with crime at freestanding businesses, with busy businesses and those within busier block groups experiencing more crime.
Keywords
Business Enterprises; Commercial Real Estate; Crime; Businesses; Busy Places; Crime And Place; Crime Concentration; Infogroup Usa (company); United States. Environmental Protection Agency; Social-disorganization; Routine Activities; Street Segments; Micro Places; High-schools; Hot-spots; Criminology; Neighborhoods; Facilities; Multilevel; Companies; Law Enforcement; Business; Protection; Traffic; Police; Census; Trade; Sales; Environmental Protection; Commercial Property
Alfalah, Abdullah; Eamonn D’arcy; Heinig, Steffen; Stevenson, Simon. (2022). Modelling Housing Market Fundamentals And The Response To Economic And Political Events: Empirical Evidence From Kuwait. International Journal Of Housing Markets And Analysis, 15(4), 736 – 761.
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Abstract
Purpose > The purpose of this paper is to examine the sensitivity of the Kuwait housing market to major local and regional geo-political and economic events. Design/methodology/approach > This paper examines the market dynamics of the housing market in Kuwait. Kuwait provides an interesting market to consider owing to its position as a major oil producer, its sensitivity to geo-political events and its unusual demographic characteristics. Findings > The error-correction model highlights that market is relatively volatile, with evidence of mean-reverting behaviour. Only when the data is smoothed are their more consistent findings with respect to underlying fundamentals. This paper also examines the response of the market to seven regional and local events. Of particular interest is that the one event that results in a consistent significant response is domestic legislation directly concerned with housing. This has a far greater impact than local or regional geo-political events. Originality/value > Very few papers have considered how economic and political shocks directly impact housing markets using an event study approach. Given its geographic location and also its economic dependence on oil, Kuwait is an interesting market to consider.
Keywords
Politics; Regional Development; Population; Legislation; Housing; Sensitivity; Error Correction; Housing Prices; Impact Analysis; Emerging Markets; Economic Models; Gross Domestic Product--gdp; Reits; Economic Growth; Petroleum Production; Geographical Locations; Middle East; United States--us; Kuwait
Tillyer, Marie Skubak; Walter, Rebecca J. (2019). Low-income Housing And Crime: The Influence Of Housing Development And Neighborhood Characteristics. Crime & Delinquency, 65(7), 969 – 993.
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Abstract
This study examines the distribution of crime across various types of low-income housing developments and estimates the main and interactive effects of housing development and neighborhood characteristics on crime. Negative binomial regression models were estimated to observe the influence of security and design features, neighborhood concentrated disadvantage, residential stability, and nearby nonresidential land use on crime at the housing developments. The findings suggest that low-income housing developments are not uniformly criminogenic, and both development characteristics and neighborhood conditions are relevant for understanding crime in low-income housing developments. Implications for prevention are discussed.
Keywords
Violent Crime; Micro Places; Guardianship; Criminology; Multilevel; Proximity; Patterns; Context; Trends; Impact; Low-income Housing; Criminal Opportunity; Concentrated Disadvantage
Walter, Rebecca J.; Caine, Ian. (2019). The Geographic And Sociodemographic Transformation Of Multifamily Rental Housing In The Texas Triangle. Housing Studies, 34(5), 804 – 826.
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Abstract
This study catalogues the location, clustering and sociodemographic distribution of the development of multifamily rental housing over the last five decades in the Texas Triangle, one of the fastest growing megaregions in the United States. The research reveals prior to the 1970s, apartments clustered in downtown areas; throughout the 1980s and 1990s, the development of apartments expanded to the suburbs and along major interstates; and in the 2000s, apartment growth continued in the peripheral areas while returning downtown. During this time period, apartments were developed most often in majority white, high-income and low-poverty neighbourhoods. These geographic and sociodemographic characteristics challenge widespread conceptions that equate multifamily rental housing with central city locations and low-income populations. The findings suggest that multifamily rental housing offers a powerful tool to increase residential density in downtown and suburban locations, while also accommodating a sociodemographically diverse population.
Keywords
Sociodemographic Factors; Rental Housing; Neighborhoods; Home Ownership; Housing Development; Apartments; Locational Patterns; Multifamily Rental Housing; Sociodemographics; Suburban Infill; Texas Triangle; City Centres; Central Business Districts; Housing; Poverty; Suburban Areas; Residential Density; Suburbs; Transformation; Catalogues; Density; Clustering; Income; Multiple Dwellings; Low Income Groups; Rentals; Catalogs; Texas; United States--us
Bitter, Christopher; Krause, Andy. (2017). The Influence of Urban Design Packages on Home Values. International Journal Of Housing Markets And Analysis, 10(2), 184 – 203.
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Abstract
Purpose The purpose of this study is to examine the impact of neighborhood design templates on residential home values in King County, WA, USA. Previous research examines a number of individual design factors; this study combines these factors into typologies and tests for the impacts of the composite set of design features. Design/methodology/approach The study analyzes over 27,000 home sales with a hedonic price model to measure the impacts across three large, regional submarkets. Neighborhood design categories are developed using a cluster analysis on a set of individual neighborhood attributes. Findings The key finding from this research is that the impact of more traditional (“urban”) design packages on home values is highly contextual. For the older and denser neighborhoods in the study area, a more traditional design results in a significantly positive impact on home values. In the new and more suburban regions of the study area, this effect is not found. Originality/value Prior work focused on valuing design attributes individually. The study argues that neighborhood design is better conceived of as a “package”, as the value of a given design element may depend on other co-located attributes. This is the first study, to the authors’ knowledge, to treat physical neighborhood design variables as a composite whole and to attempt to value their impact on home values as such.
Keywords
Regional Development; Packages; Cluster Analysis; Suburban Areas; Residential Areas; Housing; Design; Connectivity; Property Values; Urban Planning; Emission Standards; Neighborhoods; Urban Areas; Influence; Household Utilities; Design Factors; Regional Analysis; Housing Prices; Land Use; Tax Assessments; Urbanism
Acolin, Arthur. (2020). Housing Wealth and Consumption over the 2001-2013 Period: The Role of the Collateral Channel. Journal Of Housing Research, 29(1), 68 – 88.
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Abstract
This study estimates changes in the relationship between housing wealth and consumption among homeowners during the recent housing boom and bust in the United States, focusing on the period 2001-2007, during which house prices increased and financial innovations led to an increased availability of products enabling households to extract home equity; and on the period 2007-2013, during which house prices declined and home equity withdrawal products became largely unavailable. The estimated elasticity of consumption with regard to housing wealth increased in 2004 and 2007 (.06) relative to 2001 (.04). The estimated elasticities then decreased in 2010 and 2013 (to below .04). In addition, the increase was larger among borrowing constrained households than unconstrained households. No relationship between housing prices and consumption was found among renters. These additional tests for subpopulations support the hypothesis that the increase in consumption out of housing wealth occurred through the collateral channel.
Keywords
Consumption (economics); Wealth; Product Elimination; Equity (real Property); Home Prices; Home Ownership; United States; Collateral Channel; Credit And Consumption; Housing Wealth Effects; Housing; Housing Costs; Estimates; Prices; Households; Consumption; Equity; Borrowing; Hypotheses; Innovations; Elasticity Of Demand; Propensity To Consume; Housing Prices; Lines Of Credit; Mortgages; Subpopulations; Collateral; United States--us
Cordoba, Hilton A.; Walter, Rebecca J.; Foote, Nathan S. (2018). The Residential Segregation of San Antonio, Texas in 1910: An Analysis Of Ethno-racial and Occupational Spatial Patterns with the Colocation Quotient. Urban Geography, 39(7), 988 – 1017.
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Abstract
The segregation of cities can be traced to a time when the compartmentalization of space and people was based on factors other than race. In segregation research, one of the limiting factors has always been the geographic scale of the data, and the limited knowledge that exists of segregation patterns when the household is the unit of analysis. Historical census data provides the opportunity to analyze the disaggregated information, and this paper does so with San Antonio during 1910. A spatial analysis of residential segregation based on race, ethnicity, and occupations is carried out with the colocation quotient to map and measure the attraction of residents. Results reveal the presence of residential segregation patterns on different sectors of the city based on households' ethno-racial and occupational attributes; therefore, providing evidence of the existence of residential segregation prior to the commonly cited determinants of segregation of the 20th century.
Keywords
Housing Tax Credit; Local Indicators; New York; Association; Indexes; Cities; Scale; City; Differentiation; Environment; Residential Segregation; Colocation Quotient; San Antonio; Spatial Analysis
Acolin, Arthur. (2020). Owning vs. Renting: The Benefits of Residential Stability? Housing Studies, 37(4), 644-647.
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Abstract
In housing research, owning, as compared to renting, is generally depicted as more desirable and associated with better outcomes. This paper explores differences in outcomes between owners and renters in 25 European countries and whether these differences are systematically smaller in countries in which owners and renters have more similar levels of residential stability (smaller tenure length gap). The results indicate that the direction of the relationship between tenure type and the selected outcomes is largely similar across countries. Owners generally exhibit more desirable outcomes (including life satisfaction, civic participation, educational outcomes for children, and physical and mental health). However, when looking at the relationship between outcomes and country level differences in tenure length gap, findings suggest that renters have outcomes that are more similar to owners in countries in which tenure length gaps are smaller. These results point to the potential benefits of policies that would increase residential stability, particularly for renters.
Keywords
European Union; Homeownership Benefits; Length Of Residence; Tenure; Home-ownership; Homeownership
Lacoe, Johanna; Bostic, Raphael W.; Acolin, Arthur. (2018). Crime and Private Investment in Urban Neighborhoods. Journal Of Urban Economics, 108, 154 – 169.
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Abstract
The question of how best to improve neighborhoods that lag behind has drawn considerable attention from policy-makers, practitioners, and academics, yet there remains a vigorous debate regarding the best approaches to accomplish community development. This paper investigates the role crime policy plays in shaping the trajectory of neighborhoods. Much of the existing research on neighborhood crime was conducted in rising-crime environments, and the evidence was clear: high levels of crime have adverse effects on neighborhoods and resident quality of life, This study examines how private investment in neighborhoods in two cities Chicago and Los Angeles changed as the incidence of neighborhood crime changed during the 2000s, a period when crime was declining city-wide in both places. Using detailed blockface-level data on the location of crime and private investments between 2006 and 2011, the analysis answers the question: Do changes in crime affect private development decisions? The results show that private investment, as represented by building permits, decreases on blocks where crime increases in the past year. We also find that the relationship between crime and private investment is not symmetric private investment appears to only be sensitive to crime in rising crime contexts. The result is present in both cities, and robust to multiple definitions of crime and the elimination of outliers and the main commercial district. These results suggest that crime-reduction policies can be an effective economic development tool, but only in certain neighborhoods facing specific circumstances.
Keywords
Enterprise Zones; Crime; Investment; Neighborhoods