Valuing housing stock diversity

Andrew Narwold and Jonathan Sandy

International Journal of Housing Markets and Analysis, 2010, vol. 3, issue 1, 53-59

Abstract: Purpose - This paper seeks to explore the roles that different measures of housing stock and socio‐economic diversity have on the value of residential homes in San Diego, California. Design/methodology/approach - This paper employs a hedonic pricing model to estimate the effects of different measures of diversity on housing prices based on a sample of approximately 6,500 houses in San Diego County, California. The measures of diversity can be classified broadly as either socio‐economic diversity (racial and ethnic diversity, variation in income, education, age, etc.) or diversity in housing stock (variability in housing and lot size, the age of structures, the mix or single family and multiple family, etc.). Findings - The results suggest that home prices increase with greater diversity in the size of homes in a neighborhood, but tend to decrease with higher levels of diversity in the age of homes. In addition, there is evidence that smaller than average houses on smaller than average lots command a premium over other houses in the neighborhood. Originality/value - The role of socio‐economic diversity on housing prices has been studied extensively. This paper explores the role of housing stock diversity in explaining variation in housing prices.

Keywords: Housing; Prices; Stocks; Market value; United States of America (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:eme:ijhmap:v:3:y:2010:i:1:p:53-59

DOI: 10.1108/17538271011027078

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