The impact of real estate agents on house prices near environmental disamenities

Jauregui, Andres; Hite, Diane

doi:10.1080/10511481003738419

Cited by 11 publications

(9 citation statements)

References 30 publications

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“…Because rent is a function of housing quality and size, we draw on the City of Milwaukee's Master Property File to control for a set of physical characteristics of each unit. Two fundamental characteristics that determine rent are unit size and building age (Jaurequi and Hite, ; Kopits et al. ; Malpezzi ).…”

Section: Methodsmentioning

confidence: 99%

“…Finally, we observe whether a unit has a fireplace or air conditioning, since previous hedonic models have found these amenities to predict higher rents (Jauregui and Hite 2010;Malpezzi 2003). These measures come from the City of Milwaukee Master Property File.…”

Section: Unit Characteristicsmentioning

confidence: 99%

“…Following previous research, we include a series of neighborhood-level variables. First, we account for neighborhood socioeconomic, demographic, and structural characteristics (Jauregui and Hite 2010;Malpezzi 2003). We create an index of neighborhood disadvantage using principal components factor analysis, combining a block group's poverty rate, percentage of the population that is black, and housing vacancy rate (drawn from the U.S. Census) as well as its ratio of housing code violations to housing units (drawn from the City of Milwaukee Department of Neighborhood Services).…”

Section: Neighborhood Characteristicsmentioning

confidence: 99%

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Are Landlords Overcharging Housing Voucher Holders?

Desmond

Perkins

2016

City & Community

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The structure of rental markets coupled with the design of the Housing Choice Voucher Program (HCVP), the largest federal housing subsidy for low‐income families in the United States, provides the opportunity to overcharge voucher holders. Applying hedonic regression models to a unique data set of Milwaukee renters combined with administrative records, we find that vouchered households are charged between $51 and $68 more in monthly rent than unassisted renters in comparable units and neighborhoods. Overcharging voucher holders costs taxpayers an estimated $3.8 million each year in Milwaukee alone, the equivalent of supplying 620 additional families in that city with housing assistance. These findings suggest that the HCVP could be made more cost‐effective—and therefore more expansive—if overcharging were prevented.

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Section: Methodsmentioning

confidence: 99%

Section: Unit Characteristicsmentioning

confidence: 99%

Section: Neighborhood Characteristicsmentioning

confidence: 99%

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Are Landlords Overcharging Housing Voucher Holders?

Desmond

Perkins

2016

City & Community

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“…We devise counterfactual tests similar to Hite (2000) and Jauregui and Hite (2010) to verify our hypothesis that cash buyers pay less for a house than would attain with other forms of financing. Parameter estimates from the model given by (3) and (4) are used to calculate empirical counterfactuals.…”

Section: Statistical Testsmentioning

confidence: 99%

Sample Selection Approaches to Estimating House Price Cash Differentials

Jauregui

Tidwell

Hite

2015

J Real Estate Finan Econ

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We extend the literature on house price cash differentials in important ways. First, our paper is the first to employ methods to correct for sample selection bias, using both switching regression and propensity score matching of cash vs. non-cash transactions. We use selection models to produce price counterfactuals for cash and noncash buyers. We also include both average treatment effect and a propensity score weighted selection models. From the selection models, we find that previous studies likely overstate the cash discount. Results from counterfactual tests examining cash discounts suggest amplified cash discounts in areas with close proximity to an environmental hazard; and also a pricing differential based on CBG level income, with purchasers in high income areas more likely to pay a cash premium compared to market participants in areas with comparably lower income, where a cash discount is detected. These results provide useful insights for market participants including real estate appraisers, brokers, and buyers and sellers of real estate.

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“…Sales can be compared to one another, taking into account the effects of time (i.e., inflation/deflation), to determine the value of any specific attribute (Butler, 1982;Clapp and Giaccotto, 1998;Jackson, 2001;Simons and Saginor, 2006;Jauregui and Hite, 2010;Kuminoff et al, 2010;Zabel and Guignet, 2012).…”

Section: Methods To Quantify Whether Wind Turbines Are a Disamenitymentioning

confidence: 99%

Impacts of Wind Turbine Proximity on Property Values in Massachusetts

Atkinson-Palombo¹

2013

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The impact of real estate agents on house prices near environmental disamenities

Cited by 11 publications

References 30 publications

Are Landlords Overcharging Housing Voucher Holders?

Are Landlords Overcharging Housing Voucher Holders?

Sample Selection Approaches to Estimating House Price Cash Differentials

Impacts of Wind Turbine Proximity on Property Values in Massachusetts

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