Assessing the Effect of Mansionization on Suburban Single-Family House Sales Prices
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Using observed single-family house sales in the inner-ring suburbs of Chicago from 2010 through 2017, this paper uses a multilevel mixed-effects model with crossed random effects to estimate the effect that millennium mansions—new, large single-family houses—have on the sales prices of nearby single-family houses. Controlling for property, sale timing, and surrounding neighborhood socioeconomic characteristics, the study finds that mansionization is associated with an increase in the sales prices of neighboring houses. Long-term residents of a neighborhood undergoing mansionization should not fear a decrease in their house values; however, decreases in neighborhood affordability may result in exclusionary displacement.
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2008 ◽
Vol 59
(4)
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pp. 413-425
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2012 ◽
Vol 24
(4)
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pp. 951-975
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2015 ◽
Vol 26
(4)
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pp. 1838-1853
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