Reexamining the Impact of Employee Relocation Assistance on Housing Prices

Marcus T. Allen (), Ronald C. Rutherford () and Thomas M. Springer ()
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Marcus T. Allen: Department of Finance and Real Estate College of Business Florida Atlantic University University Tower 220 S.E. 2nd Avenue Fort Lauderdale, Florida 33301, http://www.collegeofbusiness.fau.edu/
Ronald C. Rutherford: Department of Economics and Finance College of Business University of Texas-San Antonio 6900 N. Loop 1604 West San Antonio, Texas 78249, http://business.utsa.edu/divisions/div_ecofin.htm
Thomas M. Springer: Department of Finance and Real Estate College of Business Florida Atlantic University 777 West Glades Road Boca Raton, Florida 33431, http://www.collegeofbusiness.fau.edu/

Journal of Real Estate Research, 1997, vol. 13, issue 1, 67-76

Abstract: In this paper, we reexamine the issue of whether corporate relocation assistance programs for transferred employees significantly affect sale prices of single-family homes. We estimate a hedonic price equation that includes physical housing characteristics, location factors, occupancy status, and type of seller for a sample of 2,441 transactions. Seller types include (a) transferred employees who were given direct relocation assistance, (b) transferred employees who were not given direct relocation assistance, and (c) sellers who were not facing an employment transfer. After controlling for vacancy and tenant occupancy, we find that houses sold by transferred employees who receive direct relocation assistance exhibit no significant price differential, but that houses sold by transferred employees who do not receive direct relocation assistance sell at a discount of approximately 3%.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 1997
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