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Hedonic Property Valuation Models: Are Subjective Measures of Neighborhood Amenities Needed?

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  • James R. Lang
  • Wesley H. Jones

Abstract

Common applications of hedonic residential property valuation models have relied on proxy measures of neighborhood amenities rather than directly measured subjective evaluations. While this approach simplifies data collection, there is reason to suspect that the use of proxy measures has degraded the accuracy of hedonic valuation models. The extent to which the use of proxy measures may decrease predictive accuracy, and fail to capture the effect of neighborhood amenities, has not been reported previously. The results presented here show that direct subjective measures yield only modest improvements in price prediction. Careful use of proxy measures for neighborhood amenities appears to be cost efficient for large‐scale appraisal work.

Suggested Citation

  • James R. Lang & Wesley H. Jones, 1979. "Hedonic Property Valuation Models: Are Subjective Measures of Neighborhood Amenities Needed?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 7(4), pages 451-465, December.
    • Handle: RePEc:bla:reesec:v:7:y:1979:i:4:p:451-465
    DOI: 10.1111/1540-6229.t01-20-00201
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    Cited by:

    1. David W. Rasmussen & Thomas W. Zuehlke, 1988. "The Evaluation of Residential Living Space," The Review of Regional Studies, Southern Regional Science Association, vol. 18(2), pages 47-53, Spring.
    2. Steven C Bourassa & Martin Hoesli & Jian Sun, 2004. "What's in a View?," Environment and Planning A, , vol. 36(8), pages 1427-1450, August.
    3. Brent W. Ambrose, 1990. "An Analysis of the Factors Affecting Light Industrial Property Valuation," Journal of Real Estate Research, American Real Estate Society, vol. 5(3), pages 355-370.
    4. P. Joan Poor & Kevin J. Boyle & Laura O. Taylor & Roy Bouchard, 2001. "Objective versus Subjective Measures of Water Clarity in Hedonic Property Value Models," Land Economics, University of Wisconsin Press, vol. 77(4), pages 482-493.
    5. Patric H. Hendershott & Thomas G. Thibodeau & Halbert C. Smith, 2009. "Evolution of the American Real Estate and Urban Economics Association1," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 37(4), pages 559-598, December.
    6. Tubadji, Annie & Huang, Haoran & Webber, Don J, 2021. "Cultural proximity bias in AI-acceptability: The importance of being human," Technological Forecasting and Social Change, Elsevier, vol. 173(C).
    7. Nick Bailey & Guanpeng Dong & Jon Minton & Gwilym Pryce, 2018. "Reconsidering the Relationship between Air Pollution and Deprivation," IJERPH, MDPI, vol. 15(4), pages 1-17, March.

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