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Tag Archives: Housing

The Impact of Access to Public Transportation on Residential Property Value: A Comparative Analysis of American Cities

By Moses Snow Wayne

This paper develops a consistent model for analyzing the impact of access to public transportation on property value applied to the four cities of Atlanta, Boston, New York, and San Francisco. This study finds a negative relationship between increasing distance to public transit and property value. Additionally, the elicited effects in each city generally align with geographic features and the degree to which a city is monocentric. This study also demonstrates the salience of using actual map-generated distances as proximity measures and characteristics of public
transit systems in modeling the relationship between public transportation and residential property value.

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Advisors: Dr. Patrick Bayer and Kent Kimbrough | JEL Codes: C12, R14, R30, R41

Hedonic Modeling of Singapore’s Resale Public Housing Market

By Jiakun Xu

The large-scale, high-density public housing market in Singapore invites hedonic analysis, due to its homogeneity in structure quality across all neighborhoods. This paper builds a time-dummy hedonic regression model incorporating geospatial features for a large dataset of resale transactions from 2000 to 2016. Significant anticipatory price effects are found for new subway stations, which peak at two years before station opening. A hedonic price index suggests that affordability was a problem during the sustained period of property price inflation from 2011 to 2013. District-level analysis shows evidence of increasing rent gradients, wealth disparities, and “lottery” effects in asset growth. I discuss the potential contributions of these insights to wealth and equity considerations in public policy
design.

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Data available upon request. Email dus_asst@econ.duke.edu

Advisor: Charles Becker | JEL Codes: C21, R3, R31, R38, R41

Trailer Park Economics

By Caitlin Gorback

In this paper, we explore the various reasons behind the development of the American institution of trailer parks. The first two models arise in equilibrium, the last two respond to housing shocks. Models include “Bad Tenants” in which tenants and landowners contract to protect against bad neighbors, a basic “Capital Constraints model in which tenants and landowners share the burden of capital costs, “Uncertain Growth” in which landowners respond to boom and bust economic growth, and “Long vs. Short Run Growth” in which landowners must decide how to invest on their land given rates of land appreciation.

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Advisor: Charles Becker | JEL Codes: R21, R23, R31 | Tagged: Housing, Manufactured Housing, Rural Growth, Trailer Parks, Urban Growth

Questions?

Undergraduate Program Assistant
Jennifer Becker
dus_asst@econ.duke.edu

Director of the Honors Program
Michelle P. Connolly
michelle.connolly@duke.edu