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The Benefits of Owner-Occupation in Neighborhoods

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  • N. Edward Coulson
  • Seok-Joon Hwang
  • Susumu Imai

Abstract

This article estimates the surplus that accrues to landowners and residents from being in neighborhoods with a higher preponderance of homeowners. Joint models of housing tenure choice and hedonic price determination are estimated for three regions of the United States. Following our previous work, this allows consistent estimation of the hedonic price of the endogenous characteristic of neighborhood homeownership.Allowing the hedonic parameters to vary by region creates sufficient parameter variation to estimate bid (i.e., compensated demand) functions for neighborhood homeownership using the instrumental variables estimator of Epple (1987) and Bartik (1987). We find that the willingness to pay for neighborhood homeownership is large, amounting to about $5,000 per year, and very little of this goes to landlords in the form of higher prices.

Suggested Citation

  • N. Edward Coulson & Seok-Joon Hwang & Susumu Imai, 2003. "The Benefits of Owner-Occupation in Neighborhoods," Journal of Housing Research, Taylor & Francis Journals, vol. 14(1), pages 21-48, January.
    • Handle: RePEc:taf:rjrhxx:v:14:y:2003:i:1:p:21-48
    DOI: 10.1080/2167034X.2003.12461359
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