The impact of colleges and hospitals to local real estate markets
Abstract This paper studies how the presence of universities and hospitals influences local home prices and rents. We analyze the data on ZIP code level and on the level of individual homes. Our ZIP code-level analysis uses median home price data from 13,105 ZIP codes over 21 years and rent data fro...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
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SpringerOpen
2019-01-01
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| Series: | Journal of Big Data |
| Subjects: | |
| Online Access: | http://link.springer.com/article/10.1186/s40537-019-0174-7 |
| _version_ | 1818875446497902592 |
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| author | Ryan Rivas Dinesh Patil Vagelis Hristidis Joseph R. Barr Narayanan Srinivasan |
| author_facet | Ryan Rivas Dinesh Patil Vagelis Hristidis Joseph R. Barr Narayanan Srinivasan |
| author_sort | Ryan Rivas |
| collection | DOAJ |
| description | Abstract This paper studies how the presence of universities and hospitals influences local home prices and rents. We analyze the data on ZIP code level and on the level of individual homes. Our ZIP code-level analysis uses median home price data from 13,105 ZIP codes over 21 years and rent data from 15,918 ZIP codes over 7 years to compare a ZIP code’s appreciation, volatility and vacancies to the size of a university or hospital within that ZIP code. Our home-level analysis uses data from 2,786,895 homes for sale and 267,486 homes for rent to study the impact of the distance from the nearest university or hospital to individual home prices. While our results generally agree with our expectations that larger, closer institutions yield higher prices, we also find some interesting results that challenge these expectations, such as positive correlations between volatility and university/hospital size in some ZIP codes, a positive correlation between rent and distance from a hospital for some homes, and lower correlations of rent vs. distance from a university compared to price vs. distance. |
| first_indexed | 2024-12-19T13:26:38Z |
| format | Article |
| id | doaj.art-1ffa4ee4ceec40bb88a3eefb85fda117 |
| institution | Directory Open Access Journal |
| issn | 2196-1115 |
| language | English |
| last_indexed | 2024-12-19T13:26:38Z |
| publishDate | 2019-01-01 |
| publisher | SpringerOpen |
| record_format | Article |
| series | Journal of Big Data |
| spelling | doaj.art-1ffa4ee4ceec40bb88a3eefb85fda1172022-12-21T20:19:32ZengSpringerOpenJournal of Big Data2196-11152019-01-016112410.1186/s40537-019-0174-7The impact of colleges and hospitals to local real estate marketsRyan Rivas0Dinesh Patil1Vagelis Hristidis2Joseph R. Barr3Narayanan Srinivasan4Department of Computer Science and Engineering, University of CaliforniaDepartment of Computer Science and Engineering, University of CaliforniaDepartment of Computer Science and Engineering, University of CaliforniaBarr AnalyticsHomeUnion, Inc.Abstract This paper studies how the presence of universities and hospitals influences local home prices and rents. We analyze the data on ZIP code level and on the level of individual homes. Our ZIP code-level analysis uses median home price data from 13,105 ZIP codes over 21 years and rent data from 15,918 ZIP codes over 7 years to compare a ZIP code’s appreciation, volatility and vacancies to the size of a university or hospital within that ZIP code. Our home-level analysis uses data from 2,786,895 homes for sale and 267,486 homes for rent to study the impact of the distance from the nearest university or hospital to individual home prices. While our results generally agree with our expectations that larger, closer institutions yield higher prices, we also find some interesting results that challenge these expectations, such as positive correlations between volatility and university/hospital size in some ZIP codes, a positive correlation between rent and distance from a hospital for some homes, and lower correlations of rent vs. distance from a university compared to price vs. distance.http://link.springer.com/article/10.1186/s40537-019-0174-7Home pricesRentAppreciationVolatilityUniversity proximityHospital proximity |
| spellingShingle | Ryan Rivas Dinesh Patil Vagelis Hristidis Joseph R. Barr Narayanan Srinivasan The impact of colleges and hospitals to local real estate markets Journal of Big Data Home prices Rent Appreciation Volatility University proximity Hospital proximity |
| title | The impact of colleges and hospitals to local real estate markets |
| title_full | The impact of colleges and hospitals to local real estate markets |
| title_fullStr | The impact of colleges and hospitals to local real estate markets |
| title_full_unstemmed | The impact of colleges and hospitals to local real estate markets |
| title_short | The impact of colleges and hospitals to local real estate markets |
| title_sort | impact of colleges and hospitals to local real estate markets |
| topic | Home prices Rent Appreciation Volatility University proximity Hospital proximity |
| url | http://link.springer.com/article/10.1186/s40537-019-0174-7 |
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