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House prices and the evaluation of local amenities

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  • Colleoni, Marco

Abstract

Our aim is to estimate how local amenities, for example availability of schools or restaurants, and in general the level of happiness of a neighbourhood, affect the housing market. We consider the city of Phoenix, AZ, for which we hold housing transaction data. Our observation unit is the census tract. After having located schools, restaurants and Tweets in order to gain the average mood of the neighbourhood, we add a set of controls to our empirical estimation. We find a strong positive correlation of transaction prices with the average income of a district, as well as a negative correlation with the rate of violent crime.

Suggested Citation

  • Colleoni, Marco, 2018. "House prices and the evaluation of local amenities," SocArXiv vxr96, Center for Open Science.
    • Handle: RePEc:osf:socarx:vxr96
    DOI: 10.31219/osf.io/vxr96
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    References listed on IDEAS

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    1. Allen Lynch & David Rasmussen, 2001. "Measuring the impact of crime on house prices," Applied Economics, Taylor & Francis Journals, vol. 33(15), pages 1981-1989.
    2. Ihlanfeldt, Keith & Mayock, Tom, 2010. "Panel data estimates of the effects of different types of crime on housing prices," Regional Science and Urban Economics, Elsevier, vol. 40(2-3), pages 161-172, May.
    3. Pope, Carl E., 1980. "Patterns in burglary: An empirical examination of offense and offender characteristics," Journal of Criminal Justice, Elsevier, vol. 8(1), pages 39-51.
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