The Effects of New Urbanism Amenities on Residential Property Values: The Case of Philadelphia

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2017
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Haverford College. Department of Economics
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Thesis
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The Holland Hunter 1943 Economics Department Thesis Prize
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eng
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Open Access
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Abstract
New Urbanism is a theory of city planning and development that focuses on compact, mixed-use, human-scale design. Qualitative research regarding this design concept suggests strong interest in the associated amenities, but there are relatively few sophisticated economic studies that consider the theory as a whole. In order to determine the implicit demand for each attribute of New Urbanism design within Philadelphia, this thesis uses a hedonic pricing model to decompose housing sales into the various, relevant components. Results show a lack of clear demand for the exact amenities that New Urbanism encourages, indicating that caution should be taken in prescribing this development theory without prior evidence of city-specific demand.
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