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Sustainability 2019, 11(3), 938; https://doi.org/10.3390/su11030938

The Effect of Land Use on Housing Price and Rent: Empirical Evidence of Job Accessibility and Mixed Land Use

1
and
2,*
1
Department of Landscape Architecture, Seoul National University, 1 Gwanak-ro, Gwanak-gu, Seoul 08826, Korea
2
Department of Real Estate, Graduate School of Tourism, Kyung Hee University, 26 Kyungheedae-ro, Dongdaemun-gu, Seoul 02447, Korea
*
Author to whom correspondence should be addressed.
Received: 18 December 2018 / Revised: 1 February 2019 / Accepted: 9 February 2019 / Published: 12 February 2019
(This article belongs to the Section Sustainable Urban and Rural Development)
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Abstract

Recently, the improvement of job accessibility and the encouragement of mixed land use have been gaining popularity in the planning field. However, little is known about whether these two factors are able to meet housing consumers’ needs. This study aims to analyze how job accessibility and mixed land use satisfy housing consumers’ needs. Particularly, this study investigates housing consumers’ willingness to pay for these two features by using housing prices and rents in the Chicago metropolitan area. In order to deal with endogeneity between land use and housing prices and spatial autocorrelation between housing prices, spatial econometric models are used with instrumental variables. Interestingly, our findings show that an increase in job accessibility leads to an increase in housing prices, whereas it is not related to rents. We also found that mixed land use decreases housing prices, but increases rents. View Full-Text
Keywords: job accessibility; mixed land use; housing price; rent; spatial effects job accessibility; mixed land use; housing price; rent; spatial effects
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Kim, D.; Jin, J. The Effect of Land Use on Housing Price and Rent: Empirical Evidence of Job Accessibility and Mixed Land Use. Sustainability 2019, 11, 938.

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