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Transportation Improvements and Land Values in the Antebellum United States: A Hedonic Approach

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  • Craig, Lee A
  • Palmquist, Raymond B
  • Weiss, Thomas

Abstract

We offer county-level estimates of the effect of water and rail access on the value of antebellum farms. Employing a hedonic model, we find that in 1850 average farm values in counties with access to a canal or navigable river were $2.68 per acre greater than counties without such access and $1.80 greater with rail access. In 1860 the figures were $3.75 for a canal or river access and $1.35 for rail. With average farm size around two hundred acres and per capita national income roughly $150 during the decade, we conclude that on average transportation access yielded substantial economic gains. Copyright 1998 by Kluwer Academic Publishers

Suggested Citation

  • Craig, Lee A & Palmquist, Raymond B & Weiss, Thomas, 1998. "Transportation Improvements and Land Values in the Antebellum United States: A Hedonic Approach," The Journal of Real Estate Finance and Economics, Springer, vol. 16(2), pages 173-189, March.
    • Handle: RePEc:kap:jrefec:v:16:y:1998:i:2:p:173-89
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    Cited by:

    1. Jeremy Atack & Fred Bateman & Michael Haines & Robert A. Margo, 2009. "Did Railroads Induce or Follow Economic Growth? Urbanization and Population Growth in the American Midwest, 1850-60," NBER Working Papers 14640, National Bureau of Economic Research, Inc.
    2. Jeremy Atack & Michael R. Haines & Robert A. Margo, 2008. "Railroads and the Rise of the Factory: Evidence for the United States, 1850-70," NBER Working Papers 14410, National Bureau of Economic Research, Inc.
    3. Edward L. Glaeser & Joshua D. Gottlieb, 2008. "The Economics of Place-Making Policies," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 39(1 (Spring), pages 155-253.
    4. Michael R. Haines & Lee A. Craig & Thomas Weiss, 2000. "Development, Health, Nutrition, and Mortality: The Case of the 'Antebellum Puzzle' in the United States," NBER Historical Working Papers 0130, National Bureau of Economic Research, Inc.
    5. Lehn, Friederike & Bahrs, Enno, 2018. "Analysis of factors influencing standard farmland values with regard to stronger interventions in the German farmland market," Land Use Policy, Elsevier, vol. 73(C), pages 138-146.
    6. Jeremy Atack & Robert A. Margo, 2009. "Agricultural Improvements and Access to Rail Transportation: The American Midwest as a Test Case, 1850-1860," NBER Working Papers 15520, National Bureau of Economic Research, Inc.
    7. Richard W. England, 2010. "Ricardo, Gold, and Rails: Discovering the Origins of Progress and Poverty," American Journal of Economics and Sociology, Wiley Blackwell, vol. 69(4), pages 1279-1293, October.
    8. Joseph P. Ferrie, 2001. "The Poor and the Dead: Socioeconomic Status and Mortality in the U.S., 1850-1860," NBER Historical Working Papers 0135, National Bureau of Economic Research, Inc.
    9. Decker, Christopher & Flynn, David, 2009. "The impact of military forts on agricultural investments on the Great Plains in 1880," MPRA Paper 19556, University Library of Munich, Germany.
    10. Robert A. Margo, 1998. "Labor Market Integration Before the Civil War," NBER Working Papers 6643, National Bureau of Economic Research, Inc.
    11. Atack, Jeremy & Margo, Robert, 2011. "The Impact of Access to Rail Transportation on Agricultural Improvement: The American Midwest as a Test Case, 1850-1860," The Journal of Transport and Land Use, Center for Transportation Studies, University of Minnesota, vol. 4(2), pages 5-18.
    12. Wallis, John Joseph, 2003. "The property tax as a coordinating device: Financing Indiana's Mammoth Internal Improvement System, 1835-1842," Explorations in Economic History, Elsevier, vol. 40(3), pages 223-250, July.
    13. Lee A. Craig & Thomas Weiss, 1997. "Nutritional Status and Agricultural Surpluses in the Antebellum United States," NBER Historical Working Papers 0099, National Bureau of Economic Research, Inc.
    14. Tideman, Nicolaus & Plassmann, Florenz, 2018. "The effects of changes in land value on the value of buildings," Regional Science and Urban Economics, Elsevier, vol. 69(C), pages 69-76.
    15. Christopher S. Decker & David T. Flynn, 2004. "The Railroad’s Impact on Land Values in the Upper Great Plains at the Closing of the Frontier," Economic History 0408001, University Library of Munich, Germany.
    16. Michael R. Haines & Robert A. Margo, 2006. "Railroads and Local Economic Development: The United States in the 1850s," NBER Working Papers 12381, National Bureau of Economic Research, Inc.
    17. Bingyi Wang & Tong Chen & Wangbing Liu, 2023. "Accounting for the Logic and Spatiotemporal Evolution of the Comprehensive Value of Cultivated Land around Big Cities: Empirical Evidence Based on 35 Counties in the Hefei Metropolitan Area," Sustainability, MDPI, vol. 15(14), pages 1-22, July.
    18. John Joseph Wallis, 2001. "The Property Tax as a Coordinating Device: Financing Indiana's Mammoth Internal Improvement System, 1835 to 1842," NBER Historical Working Papers 0136, National Bureau of Economic Research, Inc.
    19. Dan Bogart & John Majewski, 2008. "Two Roads to the Transportation Revolution: Early Corporations in the United Kingdom and the United States," NBER Chapters, in: Understanding Long-Run Economic Growth: Geography, Institutions, and the Knowledge Economy, pages 177-204, National Bureau of Economic Research, Inc.
    20. Joseph P. Ferrie, 2003. "The Rich and the Dead. Socioeconomic Status and Mortality in the United States, 1850-1860," NBER Chapters, in: Health and Labor Force Participation over the Life Cycle: Evidence from the Past, pages 11-50, National Bureau of Economic Research, Inc.
    21. John Joseph Wallis, 2010. "The Other Foundings: Federalism and the Constitutional Structure of American Government," NBER Chapters, in: Founding Choices: American Economic Policy in the 1790s, pages 177-213, National Bureau of Economic Research, Inc.
    22. Katherine White, 2008. "Sending or Receiving Stations? The Dual Influence of Railroads in Early 20th-Century Great Plains Settlement," Population Research and Policy Review, Springer;Southern Demographic Association (SDA), vol. 27(1), pages 89-115, February.
    23. Coley, Madison C. & Florkowski, Wojciech J., 2006. "Valuing House and Landscape Attributes: Application of the Hedonic Pricing Technique," 2006 Annual Meeting, February 5-8, 2006, Orlando, Florida 35385, Southern Agricultural Economics Association.
    24. Margo, Robert A., 1999. "Regional Wage Gaps and the Settlement of the Midwest," Explorations in Economic History, Elsevier, vol. 36(2), pages 128-143, April.

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