The impact of hazardous industrial facilities on housing prices: A comparison of parametric and semiparametric hedonic price models

Constructing multimodal stations is one of the considered ways to implement transit-oriented development (TOD), with the goal of synergizing land use and transportation to promote both greater transit accessibility and sustainability in urban areas. Improvements in such accessibility have led to an uplift in land value and housing prices. These price changes have been primarily studied by analyzing the effects of proximity to stations of a single line or multi-line mass rapid transit (MRT) system. However, little attention has been paid to investigating the effects of different types of multimodal MRTs and railway joined stations. The aim of this study is to investigate the different types of multimodal stations in Kaohsiung City, Taiwan. We use publicly available housing transaction data to construct hedonic price models. The results show that in the Kaohsiung MRT stations, an increase of 100 m in distance from the stations results in a TWD 258,000 decrease in the average housing price. The housing price elasticity with respect to a 1% increase in distance from these stations is -0.067%.

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Heterogeneity Analysis of Urban Rail Transit on Housing with Different Price Levels: A Case Study of Chengdu, China

Land ◽

10.3390/land10121330 ◽

2021 ◽

Vol 10 (12) ◽

pp. 1330

Author(s):

Pengyu Ren ◽

Zhaoji Li ◽

Weiguang Cai ◽

Lina Ran ◽

Lei Gan

Keyword(s):

Housing Prices ◽

Housing Price ◽

Ordinary Least Squares ◽

Urban Rail Transit ◽

Rail Transit ◽

Hedonic Price ◽

Least Squares Regression ◽

Price Levels ◽

Urban Rail ◽

The Impact

The impact of urban rail transit on housing prices has attracted the extensive attention of scholars, but few studies have explored the heterogeneous impact of rail transit on housing prices with different price levels. To solve this problem, we adopted the hedonic price model based on ordinary least squares regression as a supplementary method of quantile regression to study the heterogeneous impact of the Chengdu Metro system on low-, middle-, and high-priced housing. The result shows that the housing price rises first, then falls with the distance from the housing to the nearest subway station. Besides, the influence of transportation accessibility on low-, middle-, and high-priced housing decreases progressively. This research can provide a reference for the government’s transportation planning and decision-making.

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Borrowed sizes: A hedonic price approach to the value of netowrk structure in public transport systems

Journal of Transport and Land Use ◽

10.5198/jtlu.2021.1664 ◽

2021 ◽

Vol 14 (1) ◽

pp. 87-103

Author(s):

Helena Bohman ◽

Désirée Nilsson

Keyword(s):

Labor Markets ◽

Public Transport ◽

Positive Impact ◽

Housing Prices ◽

Transport Systems ◽

Hedonic Price ◽

Railway Stations ◽

Commuter Rail ◽

Price Approach ◽

The Impact

Property prices are known to be higher in places with high accessibility, such as in proximity to train stations and especially to commuter rail, than in places without this access. This study provides a better understanding of how regional accessibility, through the structure of railway networks, can influence local agglomeration economies by providing accessibility to large labor markets. Previous literature has shown a positive impact of proximity to railway stations on housing prices, and our study adds to the literature by analyzing the impact of network structure. We argue that public transport systems can support the benefits of city networks in line with Alonso’s concept of borrowed sizes (1973). Using network theory to measure accessibility provided by the network, we show that stations that provide accessibility to large labor markets across the region are perceived as more attractive by households. Cities in proximity to other cities are strengthened through their public transport links, which allow agglomeration benefits to be exploited by residents.

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Home Is Where the Internet Is? High-speed Internet’s Impact on Rural Housing Values

International Regional Science Review ◽

10.1177/0160017620918652 ◽

2020 ◽

Vol 43 (5) ◽

pp. 501-530 ◽

Cited By ~ 1

Author(s):

Kelsey L. Conley ◽

Brian E. Whitacre

Keyword(s):

Personal Development ◽

High Speed ◽

Housing Prices ◽

Federal Communications Commission ◽

Hedonic Price ◽

Price Model ◽

Housing Values ◽

Rural Housing ◽

Home Value ◽

The Impact

The deployment of faster household Internet speeds enables new opportunities for entertainment, social interaction, and personal development, and many consider such access an essential component of everyday life. However, rural residents face lower availability, slower speeds and limited provider options, putting them at a disadvantage when compared to their urban counterparts. Connected rural households, especially those with higher speeds, may experience a premium on their home value. Data from the National Broadband Map, the Federal Communications Commission, and over 2,700 housing transactions from June 2011 to June 2017 are used to examine the impact of broadband availability on housing values in two rural Oklahoma counties via a hedonic price model. The results find no support for the existence of a broadband premium, and stress that differences across counties are crucial in assessing rural housing prices.

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Brownfield Areas and Housing Value: Evidence from Milan

Journal of Sustainable Real Estate ◽

10.22300/1949-8276.11.1.60 ◽

2019 ◽

Vol 11 (1) ◽

pp. 60-83

Author(s):

Lucia Gibilaro ◽

Gianluca Mattarocci

Keyword(s):

Real Estate ◽

Economic Effect ◽

Housing Prices ◽

Real Estate Market ◽

Economic Losses ◽

Hedonic Price ◽

City Center ◽

Housing Value ◽

Hedonic Price Models ◽

Transaction Price

Using a transaction price database, in this paper we evaluate the economic effect of abandoned and derelict real estate areas on housing prices in Milan Italy from 1993 to 2016. We find that brownfields are widespread throughout Milan, with larger abandoned and derelict areas prevalent in the suburbs. Standard hedonic price models show that nearby brownfield areas lower housing prices, with stronger effects for larger derelict and abandoned areas. Economic losses are more relevant to houses in the historical city center and are affected by real estate market trends.

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Residents’ Demands for Urban Retail: Heterogeneity in Housing Structure Characteristics, Price Quantile, and Space

Land ◽

10.3390/land10121321 ◽

2021 ◽

Vol 10 (12) ◽

pp. 1321

Author(s):

Pengyu Ren ◽

Yuanli Li ◽

Kairui You

Keyword(s):

Housing Prices ◽

Central Area ◽

Negative Influence ◽

Sound Insulation ◽

Hedonic Price ◽

The Sustainable Development ◽

Structure Characteristics ◽

Rational Distribution ◽

Housing Structure ◽

The Impact

A thorough understanding of residents’ demands plays an important role in realizing the rational distribution of urban retail (UR) and promoting the habitability of cities. Unfortunately, these demands for UR are currently under-researched. To solve this problem, this study aims to quantify the capitalization effect of UR on housing prices and explores the impact of heterogeneity in housing structure characteristics, price quantile, and space on the residents’ demands for UR according to the hedonic price model, quantile regression, and geographically weighted regression in Chengdu. The results of these models show the following: (1) good property management and building sound insulation can reduce the negative influence of UR on residents’ lives; (2) only the owners of low-price houses are willing to pay a premium for UR; and (3) residents’ demands for UR increase from the central area to the peripheral area of Chengdu, and an inverted U-shaped relationship was found between housing prices and the UR level. A comprehensive analysis of the heterogeneity of residents’ demands for UR can provide a reference for planning departments, real-estate developers, and UR owners and promote the sustainable development of UR.

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THE EFFECTS OF A SHOPPING MALL ON HOUSING PRICES: A CASE STUDY IN HANGZHOU

International Journal of Strategic Property Management ◽

10.3846/ijspm.2019.6360 ◽

2018 ◽

Vol 23 (1) ◽

pp. 65-80 ◽

Cited By ~ 9

Author(s):

Ling Zhang ◽

Jiantao Zhou ◽

Eddie C. M. Hui ◽

Haizhen Wen

Keyword(s):

Housing Prices ◽

Housing Price ◽

Shopping Mall ◽

Hedonic Price ◽

Shopping Malls ◽

Time Dimension ◽

Positive Effects ◽

The Impact ◽

Positive Effect

There are few studies on the externalities of shopping malls affecting the housing market. This study aims to discuss two issues: (1) What is the intensity of the impact of a shopping mall? (2) When does the external influence of a shopping mall begin to reveal itself? The West Intime Shopping Mall in Hangzhou offers a unique situation to research the questions. By dividing the study area into nine blocks, using hedonic price theory, and the price gradient approach with housing price data from 2011 to 2015, we found that in the space dimension, the mall exerted a significantly positive effect on the housing prices of nearby blocks. With the increase in distance from the mall, the positive effect decreased. There were more significantly positive effects in blocks far away from the city center. In the time dimension, the effects of West Intime did not reveal themselves until the mall had started to operate and gradually matured over time, implying that the mall did not have the obvious expected impact on housing prices before the mall had begun operating.

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Temporal and Spatial Effects of Urban Center on Housing Price — A Case Study on Hangzhou, China

World Journal of Social Science Research ◽

10.22158/wjssr.v5n1p89 ◽

2018 ◽

Vol 5 (1) ◽

pp. 89 ◽

Cited By ~ 1

Author(s):

Luhong Chu ◽

Haizhen Wen

Keyword(s):

Rapid Development ◽

Housing Prices ◽

Housing Price ◽

Urban Land ◽

Urban Housing ◽

Spatial Effects ◽

Hedonic Price ◽

Urban Center ◽

Center City ◽

The Impact

<em>With the acceleration of urbanization and the rapid development of real estate, people pay more and more attention to the change of urban housing prices. Over time, the change of city center will inevitably affect the urban land or housing prices, which is reflected in the spatial distribution of urban land or housing prices. Therefore, this article attempts to explore the impact of urban center on housing prices from the perspective of multi-center city and study separately from two aspects of time and space. This paper takes the six main urban districts of Hangzhou as the research scope. At the time level, we select the residential data from 2007 to 2015 to construct models respectively based on the hedonic price theory and find that the influence of different urban center on housing price shows a certain change with time. On the spatial level, this paper choses the residential data in 2012 to construct geographic weighted regression model and the result shows that the impact of three centers on housing prices shows a certain degree of spatial heterogeneity.</em>

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The Impact of Micro-Level Influencing Factors on Home Value: A Housing Price-Rent Comparison

Sustainability ◽

10.3390/su10124343 ◽

2018 ◽

Vol 10 (12) ◽

pp. 4343 ◽

Cited By ~ 7

Author(s):

Nana Cui ◽

Hengyu Gu ◽

Tiyan Shen ◽

Changchun Feng

Keyword(s):

Influencing Factors ◽

School Quality ◽

School Attendance ◽

Housing Prices ◽

Housing Price ◽

Living Environment ◽

Hedonic Price ◽

Micro Level ◽

Employment Center ◽

The Impact

The housing sales market in China has flourished and gained considerable interest, while the housing rental market has lagged behind and been ignored over the past two decades. With the acceleration of urbanization, the housing rental demand is rising rapidly. Exploring and comparing the influencing factors on housing sale prices and rental prices has significance for sustainable urban planning and management. Using house purchase transaction and rent transaction data in 2017, as well as the average housing price and rent data in 2016 in Beijing, China, this paper compares the spatial distribution and it employs the hedonic price model and quantile regression model to quantify the average and distributional effects of micro-level influencing factors on housing prices and housing rents. Results show that housing prices and housing rents both have a decentralized distribution with multiple centers, but rents of residential communities with high housing prices may not necessarily be high. Both homeowners and renters prefer properties with good structural, locational, and neighborhood characteristics, as well as a good school attendance zone, whereas they still differ in terms of preferences. Homeowners prefer a higher-quality living environment. Renters are more concerned with proximity to an employment center and public transit convenience. Moreover, the price premium of school quality for homeowners exceeds the premium for renters. Higher-priced homeowners or renters differ in the preferences from lower-priced homeowners or renters. Higher-priced homeowners and higher-priced renters are more willing to live in property with a larger number of bedrooms, proximity to a major employment center, park, or school, as well as a location in a school attendance zone with higher school quality.

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