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A Housing Price Model with Endogenous Externality Location: A Study of Mobile Home Parks

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Abstract

This research explores the impact of mobile home parks on the value of single-family homes. This is the first study that empirically analyzes the effect of mobile home parks on property values. The empirical methodology used attempts to address the potential identification problem that exists within this study; it is possible that mobile home parks are located in areas of relatively lower land values or next to other land uses that impact property values. To address this identification problem, mobile home park locations are treated as endogenous within the model and the mobile home parks are identified as being located in residential or non-residential areas. The results suggest a negative effect on the selling price of single-family dwellings in close proximity to mobile home parks located in residential areas.

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Authors and Affiliations

  1. Terry College of Business, University of Georgia, 206 Brooks Hall, Athens, GA, 30602-6255

    Henry J. Munneke (Associate Professor of Real Estate)

  2. E.J. Ourso College of Business, Louisiana State University, 2164 A CEBA, Baton Rouge, LA, 70803

    V. Carlos Slawson (Assistant Professor of Real Estate)

Authors
  1. Henry J. Munneke
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  2. V. Carlos Slawson
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Munneke, H.J., Slawson, V.C. A Housing Price Model with Endogenous Externality Location: A Study of Mobile Home Parks. The Journal of Real Estate Finance and Economics 19, 113–131 (1999). https://doi.org/10.1023/A:1007875205490

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  • DOI: https://doi.org/10.1023/A:1007875205490

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