Small Cities Matter, Too: The Impacts of an Airport and Local Infrastructure on Housing Prices in a Small Urban City

Author: Lipscomb C.

Source: Review Of Urban & Regional Development Studies, Volume 15, Number 3, November 2003 , pp. 255-273(19)

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Abstract:

Cities with small populations tend not to receive as much attention in housing hedonic studies as do large metropolitan areas despite their similar economic development goals (quality of life improvements for their citizens, etc.). However, small cities, with their relatively smaller number of amenities and features, tend to have fewer numbers of variables that operate to determine house prices. Therefore, hedonic prices can be estimated adequately for a single neighborhood in a small city with publicly available data, particularly for local officials who do not have the time or financial resources to complete detailed studies of their cities. In this study, a general model is estimated that uncovers the impacts of airport-related noise, local recreational amenities, public transportation services, and schools on housing prices in a small city in metropolitan Atlanta, Georgia, USA. The implications and usefulness of this approach to local economic developers and city planners will be discussed.

Document Type: Research article

DOI: http://dx.doi.org/10.1111/j.1467-940X.2003.00076.x

Affiliations: 1: Bureau of Economic Analysis, US Department of Commerce, Washington, DC, USA

Publication date: 2003-11-01