The price of residential land for counties, ZIP codes, and census tracts in the United States

Davis, Morris A.; Larson, William D.; Oliner, Stephen D.; Shui, Jessica

doi:10.1016/j.jmoneco.2020.12.005

Cited by 62 publications

(49 citation statements)

References 21 publications

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“…In the same neighborhood, the unimproved land value for housing is about $26 million per acre (Davis et al, 2020). As discussed in the Technical Appendix, the Davis et al (2020) methodology is designed for single-family homes and may underestimate the value of land zoned for denser development. Indeed, one vacant lot in the neighborhood (1120 Valencia Street) sold in 2018 for $36 million per acre.…”

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confidence: 99%

The Width and Value of Residential Streets

Millard‐Ball¹

2021

Journal of the American Planning Association

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Problem, research strategy, and findings: The width of street rights-of-way is normally determined by traffic engineering and urban design conventions, without considering the immense value of the underlying land. In this article, I develop an economic framework that can inform decisions on street width, and I use tax parcel data to quantify the widths, land areas, and land value of streets in 20 of the largest counties in the United States. Residential street rights-of-way in the urbanized portion of these counties average 55 ft wide, far greater than the functional minimum of 16 ft required for access. The land value of residential streets totals $959 billion in the urbanized portion of the 20-county sample. In most counties, subdivision regulations are binding. That is, few developers choose to build streets that are wider than code requirements, implying that softening requirements would mean more land devoted to housing and less to streets. Although I highlight the potential for narrower street rights-of-way, I did not consider detailed design issues. Nor did I analyze how any windfall from reduced land requirements would be divided among landowners, developers, and house purchasers.Takeaway for practice: Particularly in places with high land values and housing costs, reallocating street rights-of-way to housing would increase economic efficiency. In the most expensive county in the data set-Santa Clara (CA)-narrowing the right-of-way to 16 ft would save more than $100,000 per housing unit through reduced land consumption. Where streets have little or no function for through traffic, the costs and benefits accrue almost exclusively to neighborhood residents. Thus, planners could reduce or even eliminate street width requirements in subdivision ordinances, leaving developers to make the trade-off between land for streets and land for housing.

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confidence: 99%

The Width and Value of Residential Streets

Millard‐Ball¹

2021

Journal of the American Planning Association

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“…Finally, to test the fitness of the model, I explore the relationship between land prices recovered by my model and land prices estimated by Davis et al (2019) for Cook County. The latter estimates land prices for all Census tracts in the United States using different data, model and methods than the ones from this paper.…”

Section: Calibration Resultsmentioning

confidence: 99%

“…These shares correspond to 1 − β u = 0.360 1 − β s = 0.268. The cost share of land in the production of real estate µ is calibrated using the average land shares of property value across census tracts in Cook County estimated by Davis et al (2019): µ = 0.256.…”

Section: Parametersmentioning

confidence: 99%

The Incidence of Land Use Regulations

Acosta

Submitter

2021

SSRN Journal

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I study the welfare consequences of land use regulations for low-and high-skilled workers within a city. I use detailed geographic data for Cook County and Chicago in 2015-2016, together with a spatial quantitative model with two types of workers and real estate developers who face regulations. For identification, I use the 1923 Zoning Ordinance, which was the first comprehensive ordinance in Chicago. I find that an increase of 10 percentage points in the share of residential zoning in a block group, relative to block groups with more commercial zoning, leads to a 1.7% increase in housing prices, a 2.6% decrease in wages and a higher concentration of high-skilled residents. Welfare changes can be decomposed into changes in housing prices, sorting, wages and land rents. Results suggest that more mixed-use zoning and looser floor-toarea limits lead to welfare improvements, especially for low-skilled residents, and to a reduction in welfare inequality.

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“…(a) Median house property values and (b) Rent price per room for LEED-certified and non-LEED-certified apartments. The median house property value (in 2018) was retrieved from Federal Housing Finance Agency (FHFA) [54] based on zip code.…”

Section: Impact Of Rent Price and Land Property Value On Star Ratingmentioning

confidence: 99%

Occupants’ satisfaction with LEED- and non-LEED-certified apartments using social media data

Guo

Lee

Wang

et al. 2021

Building and Environment

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Proposed a natural language processing method to assess occupants' satisfaction 2) Identified 3 topic clusters (transportation & location, running cost, and health & wellbeing) 3) The median satisfaction with LEED and non-LEED apartments is positive. 4) A significant but small or negligible uptick in satisfaction with LEED apartments 5) There is a weak relationship between rent price and star rating.

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The price of residential land for counties, ZIP codes, and census tracts in the United States

Cited by 62 publications

References 21 publications

The Width and Value of Residential Streets

The Width and Value of Residential Streets

The Incidence of Land Use Regulations

Occupants’ satisfaction with LEED- and non-LEED-certified apartments using social media data

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