Measuring depreciation in single-family rental and owner-occupied housing

Shilling, James D.; Sirmans, C. F.; Dombrow, Jonathan

doi:10.1016/s1051-1377(05)80018-x

Cited by 96 publications

(61 citation statements)

References 4 publications

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“…Previous work has already shown that rental units depreciate more quickly than owner-occupied units (Shilling, Sirmans, and Dombrow, 1991). Exhibit 3 reminds us of the difference in quality levels between owner-occupied and rental units.…”

Section: Exhibitmentioning

confidence: 89%

“…Homes require a fair amount of care and they suffer when abused. Tenants have only a limited incentive to invest in their homes, and, as has been empirically well documented, rental homes depreciate more swiftly than owner-occupied housing (Shilling, Sirmans, and Dombrow, 1991). As Henderson and Ioannides (1989) wrote, assigning ownership to the occupier provides more incentives for taking better care of the housing units.…”

Section: Rethinking the Federal Bias Toward Homeownershipmentioning

confidence: 99%

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Rethinking the Federal Bias Toward Homeownership

Glaeser¹

2011

SSRN Journal

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Section: Exhibitmentioning

confidence: 89%

Section: Rethinking the Federal Bias Toward Homeownershipmentioning

confidence: 99%

Rethinking the Federal Bias Toward Homeownership

Glaeser¹

2011

SSRN Journal

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“…The literature on home maintenance (DiPasquale and Glaeser, 1999, Shilling, Sirmans and Dombrow, 1991, Butler, 1985, and Galster, 1983 documents that in single-family units, renters take worse care of their homes than owners, and that rental homes depreciate faster. This is unsurprising.…”

Section: Basic Facts About Itemization and Housingmentioning

confidence: 99%

The Benefits of the Home Mortgage Interest Deduction

Glaeser¹,

Shapiro²

2002

102

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The home mortgage interest deduction creates incentives to buy more housing and to become a homeowner, and the case for the deduction rests on social benefits from housing consumption and homeownership. There is little evidence suggesting large externalities from the level of housing consumption, but there appear to be externalities from homeownership. Externalities from living around homeowners are far too small to justify the deduction. Externalities from homeownership are larger, but the home mortgage interest deduction is a particularly poor instrument for encouraging homeownership since it is targeted at the wealthy, who are almost always homeowners.The irrelevance of the deduction is supported by the time series which shows that the ownership subsidy moves with inflation and has changed significantly between 1960 and today, but the homeownership rate has been essentially constant.

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“…There have been many hedonic studies on building depreciation. Some found linear depreciation rates ( Hulten and Wykoff, 1981 ;Malpezzi et al ., 1987 ;Wykoff, 1989 ), while others found nonlinear ones ( Chinloy, 1977 ;Shilling et al ., 1991 ;Yiu, 2002 ).…”

Section: Estimation Of the Housing Depreciation Ratementioning

confidence: 96%

Building depreciation and sustainable development

Yiu

2007

J Build Apprais

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Sustainable development is a hot topic, but is mostly referred to environmental protection, although it encompasses environmental, social and economic developments as defi ned by the United Nations. Worse still, the impacts of building maintenance on sustainable (economic) development are almost totally ignored. This paper aims to carry out the fi rst sensitivity analysis of the impacts of housing depreciation on sustainable development in Hong Kong. The analysis is based on an empirical result of the housing depreciation rate and an estimation of the ageing trend of housing in Hong Kong. The results highlight the utmost importance of building maintenance on achieving sustainable development. It does not only reduce construction waste, but it also enhances the total asset value of the city. For example, the analysis shows that a 10 per cent reduction of housing depreciation would yield about 14 per cent increase in gross domestic product (GDP) in a decade, but it just costs about 2.3 per cent of GDP.

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Measuring depreciation in single-family rental and owner-occupied housing

Cited by 96 publications

References 4 publications

Rethinking the Federal Bias Toward Homeownership

Rethinking the Federal Bias Toward Homeownership

The Benefits of the Home Mortgage Interest Deduction

Building depreciation and sustainable development

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