Single-family homeowners across the nation passionately oppose the introduction of means-tested subsidized housing in their communities out of fear that they reduce proximate home values. The objective of this study is to investigate the impact of introducing or removing means-tested subsidized housing on nearby home values in a broader programmatic and geographical context than the earlier studies.
This study uses hedonic regression models based on the difference-in-differences specification to investigate the impact of introducing or removing Public Housing (PH), Low Income Housing Tax Credit (LIHTC), and other Federal rental assistance programs (OPB) on the single-family home values within 2,500 feet. The study sample consists of 6,306 single-family homes across five metropolitan areas from the 1995 and 2002 American Housing Survey-Metropolitan Sample. Using ArcGIS, the study measures the Euclidean distance from each home to the subsidized sites provided in the 1996 and 2000 Picture of Subsidized Households in order to determine the homes that had the subsidized sites introduced or removed within 2,500 feet.
The study finds that the introduction or removal of subsidized sites can increase or decrease single-family home values, depending on the type, proximity, and concentration of subsidized housing and neighborhood context. Overall, the introduction of PH decreases home values on average, the introduction of LIHTC increases or decreases home values, and the introduction of OPB increases home values, depending on proximity. However, the introduction of less than or equal to 8 or 50 units tends to increase home values, while the introduction of greater than these units tends to decrease home values. The removal of PH and OPB generally increases home values, depending on proximity. For the removal, less than or equal to 50 or 100 units decreases home values, while greater than these units increases home values. The neighborhood context is also crucial with the introduction or removal in the census zones that have more than 15 percent of poverty or black population generally having a detrimental home-value impact.
|Commitee:||Carillo, Paul, Cellini, Stephanie, Galster, George C., Green, Richard K.|
|School:||The George Washington University|
|Department:||Public Policy and Administration|
|School Location:||United States -- District of Columbia|
|Source:||DAI-A 69/06, Dissertation Abstracts International|
|Subjects:||Geography, Economics, Urban planning, Area planning & development|
|Keywords:||Affordable housing, Home value, Means-tested, Neighborhood effects, Property value, Single-family home, Subsidized housing|
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