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This study aims to examine the impact of housing construction on single-family housing values and the implications for urban development.
Abstract
Purpose
This study aims to examine the impact of housing construction on single-family housing values and the implications for urban development.
Design/methodology/approach
To achieve this objective, the author used the difference-in-difference methodology to examine the effect of multifamily and single-family housing construction on surrounding single-family homes in Stockholm, Sweden. The author analysed data from approximately 480 housing construction projects between 2009 and 2014 and 17,000 single-family detached house transactions between 2005 and 2018.
Findings
The research found that multifamily construction projects did not affect the value of surrounding single-family homes, while single-family home construction had a negative impact. The author attributes this result to single-family housing projects typically located in areas with initially positive externalities, while multifamily housing projects are often located on the edge of areas with negative externalities before construction.
Research limitations/implications
The research is limited by its focus on a specific geographic area and time frame, and future research could expand the scope to include other cities and regions and different periods. Additionally, further research could examine the impact of housing construction on other economic factors beyond housing values.
Practical implications
The research has practical implications for urban planners and policymakers. They should consider the potential negative impact of new single-family home construction on existing single-family housing areas while balancing the need for new housing in urban areas. By carefully evaluating construction locations, policymakers can create more sustainable, livable and equitable urban environments that benefit all members of society.
Originality/value
This research paper contributes to the field of housing economics by examining the impact of housing construction on single-family housing values in the context of urban development and climate change mitigation. Using a difference-in-difference methodology, the study provides evidence of the price effect of multifamily and single-family housing construction on surrounding single-family homes, which has important policy implications for urban planners and policymakers. By identifying the negative impact of single-family home construction on surrounding areas and highlighting the need for careful evaluation of construction locations, the research provides valuable insights for creating sustainable, livable and equitable urban environments that benefit all members of society.
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Andrea Berndgen-Kaiser, Tine Köhler, Markus Wiechert, Stefan Netsch, Christine Ruelle and Anne-Francoise Marique
Single-family houses are a common form of housing in Europe. Most were built in the context of the suburbanization after World War II and are now facing challenges arising from…
Abstract
Single-family houses are a common form of housing in Europe. Most were built in the context of the suburbanization after World War II and are now facing challenges arising from generational changes as well as increasing living and energy standards. According to the hypothesis of this paper, in several EU regions, single-family houses may face future challenges arising from oversupply and lack of adaptation to current demand. To examine this, the paper analyses the present situation and discusses the prognosis for the challenges described above regarding the three neighbouring north-western European countries Belgium, Germany, and the Netherlands, based on available data and a review of country-specific characteristics of housing markets as well as national policies. Despite an impending mismatch between demand and supply, planning policies still support the emergence of new single-family houses. The comparison of Belgium, Germany, and the Netherlands shows the growing polarization between shrinking and growing regions and central and peripheral sites apparent at different stages in the three countries. While a high rate of vacancies is already registered for some regions in Germany, in the Netherlands this phenomenon can only be seen near the borders and in villages within the Randstad conurbation. In Belgium also, this phenomenon is not yet widespread, but in some suburban neighbourhoods dating from the 1950's and 1960's more and more single-family houses are becoming more difficult to sell, indicating an emerging mismatch between supply and demand. This article proposes some instruments which enable municipalities to intervene in single family housing neighbourhoods which are largely dominated by private ownership. These instruments are not yet widely established in single-family housing neighbourhoods but that may become important in the future.
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N. K. Burford, J. Thurrot and A.D. Pearson
In 2016 all new houses in England and Wales must be zero carbon. To date most work in zero carbon housing has been carried out on detached family housing typologies. Practice has…
Abstract
In 2016 all new houses in England and Wales must be zero carbon. To date most work in zero carbon housing has been carried out on detached family housing typologies. Practice has shown that one of the overriding factors in the struggle to achieve zero carbon status (Code for Sustainable Homes Level 6) is the projected significant increase in construction cost. While grant funding can offset some of this increase, further costs savings will be required to allow developers to deliver affordable homes within reasonable profit margins. One result of this will be a reduction in design quality; which will impact on the quality of the spaces provided and the robustness and longevity of the construction and finishes. In order to deliver better design standards, higher density attached family housing models should be considered to ensure that a proportion of the projected increase in cost of the building fabric can be transferred to the internal volume of the house, thus achieving better quality living spaces. The following paper reviews the context for future housing provision in the UK and examines two existing medium density terraced housing developments. The existing examples reflect two contrasting approaches: one derived from low-energy principles utilising minimum space standards, the other reflecting the need for high quality spaces but at premium cost. A new medium density terrace model is proposed that deals with these conflicting demands to demonstrate that it is possible to provide affordable, high quality, higher density, family housing whilst meeting low energy targets.
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Steven L. Fullerton, James H. Holcomb and Thomas M. Fullerton Jr
This paper aims to analyze the median price for existing single-family housing units in Las Cruces, New Mexico. The proposed theoretical model accounts for the interplay between…
Abstract
Purpose
This paper aims to analyze the median price for existing single-family housing units in Las Cruces, New Mexico. The proposed theoretical model accounts for the interplay between supply and demand sides of a metropolitan housing market.
Design/methodology/approach
This study analyzes the median price for existing single-family housing units in Las Cruces, New Mexico. The proposed theoretical model accounts for the interplay between supply and demand sides of a metropolitan housing market. Explanatory variables used in the analysis are real per capita income, the housing stock, real mortgage rates, real apartment rents and the median real price of single-family units in the USA. Annual frequency data are collected for a 1971–2017 sample period. Parameter estimation is completed using two-stage generalized least squares. Empirical results confirm several, but not all, of the hypotheses associated with the underlying analytical model. In particular, Las Cruces housing prices are found to be reliably correlated with local income and national housing prices.
Findings
Empirical results confirm several of the hypotheses associated with the underlying analytical model. In particular, Las Cruces housing prices are found to be reliably correlated with local income and national housing prices.
Research limitations/implications
Results obtained support only a subset of the hypothetical relationships associated with the theoretical model. Additional testing for other small and/or medium sized is required to clarify whether these outcomes are unique to Las Cruces.
Practical implications
Local income fluctuations and national housing price fluctuations appear to be reliably related to housing price fluctuations for this metropolitan economy.
Originality/value
Comparatively little housing market research has been conducted for small and medium size urban economies. There is no guarantee that results obtained for large metropolitan housing markets are representative of smaller regional housing markets. The model developed has fairly moderate data requirements and may be applicable to other small and medium size economies such as Las Cruces.
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Sijo Saju John, Chaitali Balapure and Benny J. Godwin
The purpose of this paper is to understand the influence of young adults’ socialization and product involvement on family housing and real estate purchase decision-making process…
Abstract
Purpose
The purpose of this paper is to understand the influence of young adults’ socialization and product involvement on family housing and real estate purchase decision-making process. While previous studies have used these constructs in the fast-moving commercial goods category, this paper is considering the real estate family purchase decision as the core point of research and analysis.
Design/methodology/approach
Data were collected from 429 young working adults across various sectors in India. The proposed conceptual framework is tested using structural equation modeling.
Findings
The findings suggest that the teenagers with high social life have a better say in the decision-making process. It was also found that the young adults’ product involvement (measured in terms of gratification and symbol) construct shows how involved they are with the final decision-making in a family. The results suggested that the more young adult socializes, the more voice he has in the family housing and real estate decision-making process.
Originality/value
This paper is the first to analyze the role of teenage socialization and product involvement on family housing and real estate purchase decision-making process. This paper will be practicable to all the stakeholders of the housing industry as a whole.
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James E. Larsen and John P. Blair
The purpose of this study is to gauge and compare the impact of surface street traffic externalities on residential properties. Limited previous research indicates that negative…
Abstract
Purpose
The purpose of this study is to gauge and compare the impact of surface street traffic externalities on residential properties. Limited previous research indicates that negative externalities dominate for single-family houses. Our objective is to verify that this result applies to our sample, and to determine if the same result extends to multi-unit rental properties.
Design/methodology/approach
Hedonic regression is used to analyze data from 9,680 single-family house transactions and 455 multi-unit rental properties to measure the influence of surface street traffic on the price of the two property types.
Findings
Houses located adjacent to an arterial street sold at a 7.8 per cent discount, on average, compared to similar houses located on collector streets. Limiting the analysis to houses adjacent to an arterial street (where traffic counts were available), price and traffic count are negatively related. The results for multi-unit rental dwellings are dramatically different. Multi-unit properties adjacent to an arterial street sold at a 13.75 per cent premium compared to similar properties on collector streets, and when limiting the analysis to properties on arterial streets, no significant relationship was detected between price and traffic volume.
Originality/value
This is the first empirical study of the influence of surface street traffic on both single-family houses and multi-unit rental residential property. Evidence is provided that traffic externalities impact the two types of properties quite differently. To the extent that this result applies to other locations, the authors suggest planners may be able to use such information to reduce the negative effect of traffic externalities on residential property associated with changes that will increase traffic flow.
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John M. Kagochi and Lesley M. Mace
The purpose of this paper is to analyze factors that determine the demand for single family houses in Alabama urbanized areas, commonly referred to as metropolitan statistical…
Abstract
Purpose
The purpose of this paper is to analyze factors that determine the demand for single family houses in Alabama urbanized areas, commonly referred to as metropolitan statistical areas (MSAs).
Design/methodology/approach
This paper builds and estimates a housing demand model that incorporates both macroeconomic and housing‐related variables using a panel time series data for 1988‐2007. The study is different from past research, which mainly focuses on housing demand at the state or national level, by looking at the factors influencing demand for housing at the MSAs level.
Findings
The study finds that demand for new single family houses in Alabama MSAs is influenced by both national economic factors and local factors. Population growth and increased sale of existing houses increase demand for new single family houses in the MSAs. On the contrary, increased cost of building a new house, higher real mortgage interest rates and unemployment rates are found to reduce the demand for new houses.
Originality/value
This study is one of the few studies that focus on housing demand at the local level, particularly in the US housing market. Since demand for housing will always be local and therefore influenced mostly by local conditions, the result reveal unique dynamics that are specific to the MSAs.
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The University of Michigan's telecommunications system cost $38,000,000 to build, includes 30,000 lines, and processes 14,000,000 calls monthly. It is one of the largest private…
Abstract
The University of Michigan's telecommunications system cost $38,000,000 to build, includes 30,000 lines, and processes 14,000,000 calls monthly. It is one of the largest private systems in the world. The process of implementing and managing such a massive system, which affected every office, lab, dorm room, and family‐residence on campus, and impacted literally every member of the campus community—to say nothing of the surrounding town—is discussed. This case study presents the issues and problems that other institutions—regardless of size—may face as they upgrade their telecommunication capabilities in the years ahead.
Shreyonti Chakraborty, Alexandra Staub and Christina Bollo
Many people living in and around Mumbai face space scarcity within homes, an issue exacerbated for families with members having differing and conflicting spatial requirements. By…
Abstract
Purpose
Many people living in and around Mumbai face space scarcity within homes, an issue exacerbated for families with members having differing and conflicting spatial requirements. By investigating how families live in existing residential environments, planners and designers can enable families to cope better with space scarcity.
Design/methodology/approach
A case study approach is used to examine four small home settings in and around Mumbai, followed by a thematic analysis of the data collected.
Findings
This study contributes a framework for studying small homes in and around Mumbai wherein they are characterized by five categories of information: internal zoning pattern, expansion pattern, spatial specialization and stratification pattern, outdoor space appropriation pattern and household adjustment pattern. Analysis through this framework gives insight into how small home settings are used by residents.
Originality/value
To the best of the authors’ knowledge, this is the first study offering in-depth comparative analysis of small home typologies in India.
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Cecilia Enström-Öst, Bo Söderberg and Mats Wilhelmsson
This paper aims to examine tenure choice in the Swedish housing market with explicit consideration of households’ credit constraints in combination with age and ethnic background.
Abstract
Purpose
This paper aims to examine tenure choice in the Swedish housing market with explicit consideration of households’ credit constraints in combination with age and ethnic background.
Design/methodology/approach
Observations of some 940,000 households were used to analyse the Stockholm housing market in 2008, prior to the implementation of the mortgage cap. The tenure choice models were estimated using a two-stage instrument variable (IV) logit and probit model with ownership or renting as outcome.
Findings
The results suggest, as expected, that being financially restricted is negatively related to owning. In particular, financial restriction is more binding for young households and households with a foreign background than for other types of households. These two sub-groups are also known to have difficulties establishing themselves in the rental housing market, and are therefore specifically vulnerable to further financial constraints such as borrowing restrictions or amortization requirements.
Originality/value
The government in Sweden has become concerned with the rapid growth in household indebtedness. As a response, a 0.85 loan-to-value ratio mortgage cap was introduced in 2010. However, critics are concerned with the effects this may have on the possibility for certain households to purchase a dwelling.
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