Effects of Zoning on Residential Option Value

Jonathan Young ()
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Jonathan Young: Department of Economics, West Virginia University

Working Papers from Regional Research Institute, West Virginia University

Abstract: Knowing more precisely how zoning affects housing value would allow policy-makers to improve long-term policy decisions. Previous studies have concluded that local zoning regulations affect residential option value. These studies, however, do not specify the magnitude of the effect for varying zoning types. This study quantifies zoning’s effect on residential option value for specific types of zoning using a hedonic regression model of housing prices. The study utilizes information on housing characteristics and sales prices for a cross-section of houses in Monongalia County, West Virginia. The research develops two models to differentiate between zoning effects on developed versus undeveloped properties. The research finds that R1 and R1a zoning regulations – the most common types of residential zoning in Monongalia County – significantly impact housing value.

Keywords: zoning; housing value; policy; regional development; West Virginia (search for similar items in EconPapers)
JEL-codes: R11 R3 R33 (search for similar items in EconPapers)
Pages: 16 pages
Date: 2004-09
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Persistent link: https://EconPapers.repec.org/RePEc:rri:wpaper:2004wp12

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