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The Impact on Housing Values of Restrictions on Rights of Ownership: The Case of an Occupant's Age

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  • A. Quang Do
  • G. Grudnitski

Abstract

With the exception of anecdotal information, little is known about the specific effects on the value of a house because its ownership is restricted to people older than a certain age. This article provides an empirically‐derived assessment of the impact on the selling price of single‐family residences when their ownership is age restricted. To determine the effect on the sales price of age‐restricted houses, a standard hedonic pricing model is applied to a sample of 371 sales transactions drawn from a suburban area of a large city. The results indicate that an age restriction placed on houses decreases their value by 6%. This finding may be of interest to local land‐use regulators, developers who are considering developing age‐restricted houses and appraisers who wish to make value adjustments to these homes.

Suggested Citation

  • A. Quang Do & G. Grudnitski, 1997. "The Impact on Housing Values of Restrictions on Rights of Ownership: The Case of an Occupant's Age," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 25(4), pages 683-693, December.
    • Handle: RePEc:bla:reesec:v:25:y:1997:i:4:p:683-693
    DOI: 10.1111/1540-6229.00733
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    Cited by:

    1. Rshood M. Al-Khraif & Abdullah N. Al-Mutairi & Khaled O. Alradihan & Asharaf Abdul Salam, 2018. "Retiree home ownership in Saudi Arabia: the role of geographic, demographic, social and economic variables," Journal of Population Research, Springer, vol. 35(2), pages 169-185, June.
    2. David Koch & Gunther Maier, 2015. "The influence of estate agencies’ location and time on Internet," Review of Regional Research: Jahrbuch für Regionalwissenschaft, Springer;Gesellschaft für Regionalforschung (GfR), vol. 35(2), pages 147-171, October.
    3. Charles Carter & Zhenguo Lin & Marcus Allen & William Haloupek, 2013. "Another Look at Effects of “Adults-Only” Age Restrictions on Housing Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 46(1), pages 115-130, January.

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