Urban growth boundary and housing prices: The case of knox county, tennessee

Seong Hoon Cho, Zhuo Chen, Steven T. Yen

Research output: Journal PublicationArticlepeer-review

12 Citations (Scopus)

Abstract

This study tests the hypothesis that a higher present value of expected rental stream of undeveloped land in the urban growth area influences the effect of the Urban Growth Boundary (UGB) on the values of newly developed houses in Knoxville and Knox County, Tennessee. We estimate a version of the Box-Cox (BC) transformed hedonic housing price model, which accommodates both nonnormality and heteroskedasticity in the stochastic error term. The finding of this study verifies the premise that the values of newly developed houses after the implementation of a UGB are likely to be higher within the urban growth area than those outside, all other things equal.

Original languageEnglish
Pages (from-to)29-44
Number of pages16
JournalReview of Regional Studies
Volume38
Issue number1
Publication statusPublished - 2008
Externally publishedYes

Keywords

  • Box-cox transformation
  • Hedonic price
  • Knoxville
  • Urban growth boundary

ASJC Scopus subject areas

  • Geography, Planning and Development
  • Earth-Surface Processes

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