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Type: Journal article
Title: Inconsistent effects of a feature on home prices - Lang's two-market explanation
Author: Hutchinson, T.
Citation: Housing Policy Debate, 2008; 19(3):573-582
Publisher: Fannie Mae Foundation
Issue Date: 2008
ISSN: 1051-1482
Organisation: Centre for Automotive Safety Research (CASR)
Statement of
T. Paul Hutchinson
Abstract: In his 2005 article “Valuing the Suburbs: Why Some ‘Improvements’ Lower Home Prices,” Robert E. Lang proposes an explanation of why improvements to a home may either add to or detract from its value. He suggests a dual housing market: “one for conventional low-density suburbs, and one for cities and denser suburbs” (8). The former values features implying a natural or less intense use, and the latter values features adding “intensity or utility to a property” (8). This article reinterprets Lang’s explanation as an example of interaction (something having a different effect under one condition than it does under another) arising via summation followed by a nonlinear function of the result. An alternative explanation in terms of the fit between characteristics of a home and its location is also noted.
Keywords: Alterations; markets; prices
Description: Published online: 31 Mar 2010
Rights: © 2008 Metropolitan Institute at Virginia Tech. ALL RIGHTS RESERVED.
RMID: 0020083179
DOI: 10.1080/10511482.2008.9521647
Appears in Collections:Centre for Automotive Safety Research publications

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