Neighborhood Determinants of Residential Real Estate in Three American Metropolises

Authors: Mikhail Samarin*, University of Tennessee
Topics: Urban Geography, Economic Geography
Keywords: housing, crime, diversity, school quality, residential vacancy
Session Type: Paper
Day: 4/7/2019
Start / End Time: 3:55 PM / 5:35 PM
Room: Wilson B, Marriott, Mezzanine Level
Presentation File: No File Uploaded

Due to inherent complexities and heterogeneity of major cities, a determinant factor of a phenomenon in one place may be negligible in another. This paper examines the relationship between select neighborhood characteristics and housing markets of three most populated municipalities in the U.S., namely New York City, Los Angeles, and Chicago. The analysis is conducted in the frame of their statistically or politically recognized neighborhoods. I use a wide variety of data sources, including the unconventional ones for answering the research questions. These Internet resources also help inquisitive potential buyers of residential properties to create perspectives about specific neighborhoods. This study focuses on the role of four factors—crime rates, quality of schools, racial/ethnic diversity, and built environment on real estate values. Employing correlation and regression analyses, I identify the degrees of associations between these characteristics and housing market values further ranking them by their significance levels. In addition, I reveal similarities and differences in the influence of these four factors on housing in the contexts of the chosen cities. Results indicate that the cities show unity in terms of crime-related characteristics and school quality. However, in relation to the built environment and especially ethnic/racial diversity, they demonstrate salient dissimilarities.

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