Historic Amenities, Income and Sorting of Households

Hans Koster, Piet Rietveld and Jos van Ommeren

SERC Discussion Papers from Centre for Economic Performance, LSE

Abstract: We test the impact of historic amenities on house prices and sorting of households within cities. Conservation area boundaries enable us to employ a semiparametric regression-discontinuity approach to measure the impact of historic amenities. The approach allows for household-specific preferences. Conditional on neighbour attributes, the price difference at the conservation boundary is about 3 percent. Internal historic amenities are also important, as listed houses are about 6 percent more expensive. It is shown that rich households sort themselves in conservation areas and in listed buildings, because they have a higher willingness to pay for historic amenities. The results contribute to an explanation for the substantial spatial income differences within cities.

Keywords: historic amenities; sorting; conservation areas; semiparametric regression-discontinuity design; hedonic price method (search for similar items in EconPapers)
JEL-codes: R14 R21 R31 R38 (search for similar items in EconPapers)
Date: 2013-01
New Economics Papers: this item is included in nep-geo, nep-tur and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (29)

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Related works:
Journal Article: Historic amenities, income and sorting of households (2016)
Working Paper: Historic amenities, income and sorting of households (2013)
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Persistent link: https://EconPapers.repec.org/RePEc:cep:sercdp:0124

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