Determinants of Real Estate Values
نویسنده
چکیده
The services provided by any particular house clearly depend upon a great variety of physical characteristics of the house and its grounds. Possibly the most important of these characteristics are the size of the house, how that size is divided up for use, and the amount of land that is included with the house. Other features of the structure which presumably are important are the heating, electrical and plumbing systems. There is a wide variety of other characteristics including the parking facilities available, the age and general condition of the house, the presence or absence of a basement, the number of stories, the existence of a family or recreation room, and so on, which may also affect the nature of the services that can be provided. In addition to the physical attributes of the house the characteristics of its location are likely to be of significance. Obvious examples of such features are: distances from place of employment and shopping, population density, the nature of public services (schools, police and fire protection, water supply, sewers, etc.), the amounts of traffic, noise, and air pollution, and so on. In this paper we present some empirical results on the determinants of real estate values in the New Haven metropolitan area. We attempt to explain housing values using information on the physical characteristics of the house and on some features of the neighborhood in which the house is located. In the latter category we are primarily interested in those features of neighborhoods which can be influenced or controlled by local governments. Determining provisions of zoning codes (or granting variances), routing traffic, allocating services (street sweeping, education, fire protection, etc.) are examples of governmental activities which may affect the nature of neighborhoods. Specific policy changes are frequently advocated or opposed on the grounds of protecting property values so it seems worthwhile to attempt to measure the magnitudes of these effects.
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