Gated Community Premiums and Amenity Differentials in Residential Subdivisions

We use hedonic models to examine price differences between single-family homes in gated communities and a matched sample in non-gated communities in Shelby County, Tennessee. Controlling for idiosyncratic attributes, we find that homes in gated communities carry significant price premiums relative t...

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Bibliographic Details
Published inThe Journal of real estate research Vol. 37; no. 3; pp. 405 - 438
Main Authors Radetskiy, Evgeny L., Spahr, Ronald W., Sunderman, Mark A.
Format Journal Article
LanguageEnglish
Published Clemson The American Real Estate Society 01.07.2015
Taylor & Francis Ltd
Subjects
Agricultural buildings
Brick buildings
Closed circuit television
Communities
Community power
Community property
Economic crisis
Gated communities
Homeowners associations
Housing
Housing prices
Literature reviews
Low income groups
Median
Neighborhoods
Neighbourhoods
Perceptions
Premiums
Price premiums
Property values
Retirement communities
Security management
Single family
Site planning
Studies
Swimming pools
United States
United States > US
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Summary:We use hedonic models to examine price differences between single-family homes in gated communities and a matched sample in non-gated communities in Shelby County, Tennessee. Controlling for idiosyncratic attributes, we find that homes in gated communities carry significant price premiums relative to similar homes in non-gated communities. Price premiums are highest for medium-size gated communities. Premiums were also evident in higher priced gated communities before 2008 but vanished after the financial crisis. Gated communities offer homeowners additional attributes but usually have higher infrastructure and service costs. Thus price premiums result from net gated community benefits.
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ISSN:0896-5803
2691-1175
DOI:10.1080/10835547.2015.12091424