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Crime and Residential Choice: A Neighborhood Level Analysis of the Impact of Crime on Housing Prices Author: Tricia Petras Dissertation School: The Ohio State University Pages: 37 Publication Date: 04/2005 Availability: Access Number: 5020 Abstract: Previous empirical studies have demonstrated that crime serves as an important catalyst for change in the socioeconomic composition of communities. We look for evidence of this change by estimating hedonic regressions to examine the extent to which crime is capitalized into local housing markets. We extend the crime-housing price literature in several important ways. First, crime has been disaggregated to the census tract level. Second, we look at changes in crime over time in addition to the level of crime in the neighborhood. 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 instrument for crime to address measurement error. Regression results indicate that the average impacts of crime rates on house prices are misleading. Both the disaggregating of crime rates spatially and into violent and property crime are important. The paper also shows that it is useful to measure the impact of changes in crime rate over time. |
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