Research has generally failed to explore whether the effect of neighborhood characteristics on home values has changed over time. We take a long–range view and study decadal changing home values in the southern California region over a 50–year period, from 1960 to 2009. We focus on the effects of racial composition and measures associated with the New Urbanism on changing home values. We find that whereas neighborhoods with more racial/ethnic minorities and racial mixing experienced relative decreases in home values in the earlier decades, this effect has effectively disappeared in the most recent decade and actually became positive for some measures. We also found that certain characteristics associated with the New Urbanism—population density, older homes, a lack of concentration of single family units—show stronger positive effects on home values in the most recent decades.
Cambiando los Determinantes de las Tendencias del Precio de las Viviendas en el Sur de California 1960–2009. (John R. Hipp y Amrita Singh)
Resumen
La investigación ha fallado generalmente al explorar si el efecto de algunas características de los barrios en el valor de las viviendas ha cambiado a lo largo del tiempo. Tomamos una visión de largo plazo y estudiamos cambios en los valores de las viviendas a lo largo de décadas en la región del sur de California por un periodo de 50 años, de 1960 a 2009. Nos enfocamos en los efectos de la composición racial y medidas asociadas con el Nuevo Urbanismo para cambiar el valor de las viviendas. Encontramos que mientras barrios con más minorías raciales/étnicas y mezcla racial experimentaron disminuciones relativas en el valor de las viviendas en las primeras décadas. Este efecto ha desaparecido efectivamente en la última década y de hecho se ha vuelto positivo de acuerdo a algunas mediciones. Encontramos también que algunas características asociadas al Nuevo Urbanismo –densidad de la población, viviendas más antiguas, falta de concentración de unidades de vivienda unifamiliar—muestran un efecto positivo en el valor de las viviendas en las décadas más recientes.
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