Valuing iconic design: Frank Lloyd Wright architecture in Oak Park, Illinois

Gabriel Ahlfeldt and Alexandra Mastro

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: This study investigates the willingness of homebuyers to pay for co-location with iconic architecture. Oak Park, Illinois was chosen as the study area given its unique claim of having 24 residential structures designed by world-famous American architect Frank Lloyd Wright, in addition to dozens of other designated landmarks and three preservation districts. This study adds to the limited body of existing literature on the external price effects of architectural design and is unique in its focus on residential architecture. We find a premium of about 8.5% within 50-100m of the nearest Wright building and about 5% within 50-250m. These results indicate that an external premium to iconic architecture does exist, although it may partially be attributable to the prominence of the architect

Keywords: Frank Lloyd Wright; hedonic analysis; iconic architecture; property prices (search for similar items in EconPapers)
JEL-codes: N0 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (16)

Published in Housing Studies, 2012, 27(8), pp. 1079-1099. ISSN: 0267-3037

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Related works:
Journal Article: Valuing Iconic Design: Frank Lloyd Wright Architecture in Oak Park, Illinois (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:43470

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