NDLI: Crime and Residential Choice: A Neighborhood Level Analysis of the Impact of Crime on Housing Prices

Content Provider	Springer Nature Link
Author	Tita, George E. Petras, Tricia L. Greenbaum, Robert T.
Copyright Year	2006
Abstract	Crime serves as an important catalyst for change in the socio-economic composition of communities. While such change occurs over a long period of time, crime is capitalized into local housing markets quickly and thus provides an early indicator of neighborhood transition. Using hedonic regression, we quantify this “intangible cost” of crime and extend the crime-housing price literature in several important ways. First, we disaggregate crime to the census tract level. Second, using longitudinal data, we examine changes in crime in addition to the neighborhood levels of crime. Third, we differentiate between the effects of property crime and violent crime. Fourth, we also disaggregate our sample into groups based on per capita income of the census tract. Finally, we show that it is vital to account for the measurement error that is endemic in reported crime statistics. We address this with an instrumental variable approach. Our results indicate that the average impacts of crime rates on house prices are misleading. We find that crime is capitalized at different rates for poor, middle class and wealthy neighborhoods and that violent crime imparts the greatest cost.
Starting Page	299
Ending Page	317
Page Count	19
File Format	PDF
ISSN	07484518
Journal	Journal of Quantitative Criminology
Volume Number	22
Issue Number	4
e-ISSN	15737799
Language	English
Publisher	Kluwer Academic Publishers-Plenum Publishers
Publisher Date	2006-07-28
Publisher Place	New York
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Housing markets Neighborhood transition Hedonic modeling Costs of crime Sociology Methodology of the Social Sciences Criminology & Criminal Justice
Content Type	Text
Resource Type	Article
Subject	Law Pathology and Forensic Medicine

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