Acolin, Arthur; Calem, Paul; Jagtiani, Julapa; Wachter, Susan. (2018). First-Time Homebuyers: Toward a New Measure. Cityscape, 20(1), 193 – 204.
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Abstract
Existing data sources show divergent estimates of the number of homes purchased by first-time homebuyers as a share of all home purchases. In this article, we use a new dataset to construct a time series of the share of first-time homebuyers. This series, based on the Federal Reserve Bank of New York Equifax Consumer Credit Panel, shows a significant decline in the share of first-time homebuyers, particularly among young households, consistent with the decline in homeownership in this age cohort since the early 2000s.
Bourassa, Steven C.; Hoesli, Martin. (2022). Hedonic, Residual, and Matching Methods for Residential Land Valuation. Journal Of Housing Economics, 58.
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Abstract
• Our first method involves a hedonic model estimated for sales of vacant lots. • Another method depreciates improvements, obtaining land value as a residual. • Our third approach matches the sales of vacant and subsequently developed lots. • This allows us to estimate a hedonic model of land leverage (the ratio of land to total property value) for improved properties. • We conclude that the third approach is the most promising of the three methods. Accurate estimates of land values on a property-by-property basis are an important requirement for the effective implementation of land-based property taxes. We compare hedonic, residual, and matching techniques for mass appraisal of residential land values, using data from Maricopa County, Arizona. The first method involves a hedonic valuation model estimated for transactions of vacant lots. The second approach subtracts the depreciated cost of improvements from the value of improved properties to obtain land value as a residual. The third approach matches the sales of vacant lots with subsequent sales of the same properties once they have been developed. For each pair, we use a land price index to inflate the land price to the time of the improved property transaction and then calculate land leverage (the ratio of land to total property value). A hedonic model is estimated and used to predict land leverage for all improved properties. We conclude that the matching approach is the most promising of the methods considered. [ABSTRACT FROM AUTHOR]; Copyright of Journal of Housing Economics is the property of Academic Press Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
Keywords
Hedonic Method; Land Leverage; Land Valuation; Matching Approach; Residual Approach
Hess, Christian; Walter, Rebecca J.; Acolin, Arthur; Chasins, Sarah. (2019). Comparing Small Area Fair Market Rents with Other Rental Measures across Diverse Housing Markets. Cityscape, 21(3), 159 – 186.
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Abstract
Small Area Fair Market Rents (SAFMRs) are calculated at the 40th percentile of the U.S. postal ZIP Code instead of the metropolitan area in an effort to capture localized rents to expand choice for voucher holders to access housing in higher-opportunity neighborhoods. Existing studies on the potential and actual outcomes of SAFMRs demonstrate that findings vary for different types of housing markets. Furthermore, the decisions public housing authorities (PHAs) make in the implementation process affect PHAs' program budget and the rent burden and locational outcomes for voucher households. This study aims to address how these implementation factors are affected by local rental market conditions for three PHAs-Housing Authority of the City of Fort Lauderdale, San Antonio Housing Authority, and Seattle Housing Authority-in diverse housing markets. By comparing different sources of market rent estimates with SAFMRs in each location, we contribute new information about how this rule is likely to produce different residential outcomes in terms of increased access to low-poverty neighborhoods and adjustments to payment standards in low-rent neighborhoods. The findings reveal differences across rent measures in terms of estimated levels and relative differences across ZIP Codes. These findings suggest that housing authorities may face challenges in meeting the objectives of the SAFMR final rule without some form of local adjustments.]
Acolin, Arthur; Reina, Vincent. (2022). Housing Cost Burden and Life Satisfaction. Journal Of Housing & The Built Environment, 37(4), 1789-1815.
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Abstract
The share of income that households spent on their housing has been increasing over time in a wide range of countries, particularly among lower income households. In theory, the share of income spent on housing can reflect variations in household preferences for housing consumption but for low-income household, high burdens are likely more reflective of constraints and force these households to face tradeoffs between housing and non-housing consumption that negatively affect their overall life satisfaction. This paper uses data from the 2018 European Union Statistics on Income and Living Conditions (EU-SILC) for 14 countries. We find that, controlling for household sociodemographic characteristics, households spending more than 30 percent of their income and those spending more than 50 percent of their income on housing report significantly lower levels of life satisfaction. The estimated relationship is largest for this latter heavily cost burdened group. The negative relationship between housing cost burden and reported life satisfaction is found across countries but varies in magnitude, suggesting that stronger welfare systems may mediate the negative impacts of housing cost burdens, although further research is needed to confirm both this relationship and the precise mechanisms driving it.
Keywords
Life Satisfaction; Income; Housing; Poor Communities; Subjective Well-being (psychology); Living Conditions; European Countries; Housing Cost; Subjective Wellbeing; Economic Hardship; Homeownership; Affordability; Determinants; Cost Analysis; Housing Costs; Households; Consumption; Low Income Groups; Expenditures; Welfare; Sociodemographics
Chalana, Manish. (2010). Slumdogs vs. Millionaires: Balancing Urban Informality and Global Modernity in Mumbai, India. Journal Of Architectural Education, 63(2), 25 – 37.
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Abstract
Mumbai and other Indian cities are rapidly transforming to address the needs of global commerce and the expanding middle class. Mumbai's vernacular environments, home to most working-class residents, are consequently being redeveloped using supermodern global aesthetics. The urbanism emerging from the current wave of modernism is an unprecedented radical departure from existing patterns of place. Proponents claim the new developments serve low-income residents' interests, when actually they ignore fundamental socio-cultural and economic realities. This paper considers two case studies, Dharavi and Girangaon, highlighting a subset of Mumbai's vernacular environments to argue for their significance and to explore alternative redevelopment approaches.
Van Den Wymelenberg, Kevin; Inanici, Mehlika; Johnson, Peter. (2010). The Effect of Luminance Distribution Patterns on Occupant Preference in a Daylit Office Environment. Leukos, 7(2), 103 – 122.
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Abstract
New research in daylighting metrics and developments in validated digital High Dynamic Range (HDR) photography techniques suggest that luminance based lighting controls have the potential to provide occupant satisfaction and energy saving improvements over traditional illuminance based lighting controls. This paper studies occupant preference and acceptance of patterns of luminance using HDR imaging and a repeated measures design methodology in a daylit office environment. Three existing luminance threshold analysis methods [method1: predetermined absolute luminance threshold (for example, 2000 cd/m(2)), method2: scene based mean luminance threshold, and method3: task based mean luminance threshold] were studied along with additional candidate metrics for their ability to explain luminance variability of 18 participant assessments of 'preferred' and 'just disturbing' scenes under daylighting conditions. Per-pixel luminance data from each scene were used to calculate Daylighting Glare Probability (DGP), Daylight Glare Index (DGI), and other candidate metrics using these three luminance threshold analysis methods. Of the established methods, the most consistent and effective metrics to explain variability in subjective responses were found to be; mean luminance of the task (using method3; (adj)r(2) = 0.59), mean luminance of the entire scene (using method2; (adj)r(2) = 0.44), and DGP using 2000 cd/m(2) as a glare source identifier (using method1; (adj)r(2) = 0.41). Of the 150 candidate metrics tested, the most effective was the 'mean luminance of the glare sources', where the glare sources were identified as 7* the mean luminance of the task position ((adj)r(2) = 0.64). Furthermore, DGP consistently performed better than DGI, confirming previous findings. 'Preferred' scenes never had more than similar to 10 percent of the field of view (FOV) that exceeded 2000 cd/m(2). Standard deviation of the entire scene luminance also proved to be a good predictor of satisfaction with general visual appearance.
Keywords
Glare; Daylight Metrics; Luminance Based Lighting Controls; Discomfort Glare; Occupant Preference; High Dynamic Range
Stover, Victor W.; Bae, C.-H. Christine. (2011). Impact of Gasoline Prices on Transit Ridership in Washington State. Transportation Research Record, 2217, 1 – 10.
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Abstract
Gasoline prices in the United States have been extremely volatile in recent years and rose to record high levels during the summer of 2008. According to the U.S. Energy Information Administration, the average U.S. gasoline price for the year 2008 was $3.26 a gallon, which was the second highest yearly average in history when adjusted for inflation. Transportation agencies reported changes in travel behavior as a result of the price spike, with transit systems experiencing record ridership and state departments of transportation reporting reductions in traffic volumes. This study examined the impact of changing gasoline prices on transit ridership in Washington State by measuring the price elasticity of demand of ridership with respect to gasoline price. Ordinary least-squares regression was used to model transit ridership for transit agencies in 11 counties in Washington State during 2004 to 2008. The price of gasoline had a statistically significant effect on transit ridership for seven systems studied, with elasticities ranging from 0.09 to 0.47. A panel data model was estimated with data from all 11 agencies to measure the overall impact of gasoline prices on transit ridership in the state. The elasticity from the panel data model was 0.17. Results indicated that transit ridership increased as gasoline prices increased during the study period. The findings were consistent with those from previous studies on the topic.
Keywords
Time-series Analysis; Gas Prices; Elasticities; Demand
Stewart, Orion; Moudon, Anne Vernez; Claybrooke, Charlotte. (2012). Common Ground: Eight Factors that Influence Walking and Biking to School. Transport Policy, 24, 240 – 248.
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Abstract
The primary goals of Safe Routes to School (SRTS) programs are to increase the number and safety of children walking, biking or using other forms of active travel to school (ATS). This study reviewed quantitative and qualitative research and identified eight common factors that influenced the choice of ATS: distance to school, parental fear of traffic and crime, family schedule constraints and values, neighborhood and family resources and culture, weather, and school characteristics. Suggestions were made as to how these barriers and facilitators of ATS could be integrated into the decision to fund local SRTS programs and to improve their effectiveness. Published by Elsevier Ltd.
Keywords
Commuting; Transportation Of School Children; Transportation Safety Measures; Qualitative Research; Cycling; Walking; Bike; Child; Pedestrian; Safe Routes To School; Safety; Walk; Active Transportation; Physical-activity; Urban Form; Elementary-schools; Safe Routes; Travel Mode; Children; Prevalence; Trip; Environment
Hong, Jinhyun; Shen, Qing. (2013). Residential Density and Transportation Emissions: Examining the Connection by Addressing Spatial Autocorrelation and Self-Selection. Transportation Research Part D-transport And Environment, 22, 75 – 79.
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Abstract
This paper examines the effect of residential density on CO2 equivalent from automobile using more specific emission factors based on vehicle and trip characteristics, and by addressing problems of spatial autocorrelation and self-selection. Drawing on the 2006 Puget Sound Regional Council Household Activity Survey data, the 2005 parcel and building database, the 2000 US Census data, and emission factors estimated using the Motor Vehicle Emission Simulator, we analyze the influence of residential density on road-based transportation emissions. In addition, a Bayesian multilevel model with spatial random effects and instrumental variables is employed to control for spatial autocorrelation and self-selection. The results indicate that the effect of residential density on transportation emissions is influenced by spatial correlation and self-selection. Our results still show, however, that increasing residential density leads to a significant reduction in transportation emissions. (C) 2013 Elsevier Ltd. All rights reserved.
Keywords
Urban Form; Travel; Transportation Emissions; Residential Density; Confounding By Location; Self-selection
Bitter, Christopher. (2014). Subdivision Vintage and Housing Prices: Do Home Buyers Value Traditional Development? Urban Studies, 51(5), 1038 – 1056.
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Abstract
New Urbanism and traditional neighbourhood development (TND) have been championed as solutions to the problems associated with post-war suburban sprawl. However, they have yet to capture a substantial share of the US housing market. The market context for TND is not well understood as the paucity of TND makes it difficult to study directly. This paper takes a novel approach by focusing on the market for 'traditional' development itself, defined as subdivisions recorded prior to World War II, in the sprawling Tucson, Arizona, MSA. The results of the hedonic analysis demonstrate that home buyers value the features embodied in traditional development, as homes in subdivisions platted before 1940 command premiums over those in their modern counterparts, even after carefully controlling for locational and structural characteristics. Moreover, the analysis finds that the premiums have increased through time, which suggests growing demand for traditionally designed subdivisions.
Keywords
Land-use; Neighborhood; Urbanism; Transportation; Preferences; Choice; Time