Gated Community Premiums and Amenity Differentials in Residential Subdivisions

Evgeny Radetskiy (), Ronald W. Spahr () and Mark A. Sunderman ()
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Evgeny Radetskiy: University of Memphis
Ronald W. Spahr: University of Memphis
Mark A. Sunderman: University of Memphis

Journal of Real Estate Research, 2015, vol. 37, issue 3, 405-438

Abstract: We use hedonic models to examine price differences between single family homes in gated communities and a matched sample in non-gated communities in Shelby County, TN. Controlling for idiosyncratic attributes; we find that homes in gated communities carry significant price premiums relative to similar homes in non-gated communities. Price premiums are highest for medium size gated communities; whereas, premiums were also evident in higher priced gated communities before 2008, but vanished after the financial crisis. Gated communities offer homeowners additional hedonic attributes but usually have higher infrastructure and service costs. Thus price premiums result from net benefits of gated communities.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2015
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