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Measuring the Effects of "Adults Only" Age Restrictions on Condominium Prices

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Abstract

Current U.S. housing policy prohibits discrimination in the sale or rental of housing or in the provision of brokerage services on the basis of race, color, religion, sex, national origin, disability, or familial status. Since 1988, an exception to this policy has permitted owners and operators of buildings and facilities that were intended to be operated as housing for older persons to discriminate against younger residents, including families with children and pregnant women, without violating the nation's fair housing laws. This exception was clarified by the Housing for older persons. The purpose of this study is to consider whether such restrictions have a measurable effect on housing prices. Based on data from condominium transactions in southeast Florida, the results presented here suggest that age restrictions have a positive price effect, holding other determinants of condominium prices constant.

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  • Marcus T. Allen, 1997. "Measuring the Effects of "Adults Only" Age Restrictions on Condominium Prices," Journal of Real Estate Research, American Real Estate Society, vol. 14(3), pages 339-346.
    • Handle: RePEc:jre:issued:v:14:n:3:1997:p:339-346
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    1. Davidson, Russell & MacKinnon, James G, 1981. "Several Tests for Model Specification in the Presence of Alternative Hypotheses," Econometrica, Econometric Society, vol. 49(3), pages 781-793, May.
    2. Rosen, Sherwin, 1974. "Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition," Journal of Political Economy, University of Chicago Press, vol. 82(1), pages 34-55, Jan.-Feb..
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    Cited by:

    1. Jay Weiser & Ronald Neath, 2016. "Private Ordering, Social Cohesion and Value: Residential Community Association Covenant Enforcement," International Real Estate Review, Global Social Science Institute, vol. 19(1), pages 1-26.
    2. Zhenguo Lin & Marcus Allen & Charles Carter, 2013. "Pet Policy and Housing Prices: Evidence from the Condominium Market," The Journal of Real Estate Finance and Economics, Springer, vol. 47(1), pages 109-122, July.
    3. Daniel G. Lindberg, 2024. "Interest rates and lifestyle-driven moves for older adults: a vector autoregression analysis," Business Economics, Palgrave Macmillan;National Association for Business Economics, vol. 59(1), pages 39-50, January.
    4. Chowdhury, Tasnim & Datta, Rajib & Mohajan, Haradhan, 2013. "Green finance is essential for economic development and sustainability," MPRA Paper 51169, University Library of Munich, Germany, revised 09 Jun 2013.
    5. 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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    JEL classification:

    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services

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