복합토지이용이 주택가격에 미치는 영향

The Effects of Mixed Land Use on Housing Price and Rent- A Chicago Case Study with Spatial Econometric Models -

Mixed land use has become one of the key elements in land use planning. However, little is known about whether the mixed land use development is able to meet housing consumers’ needs. This is because most previous studies examining its effects have only focused on the aspect of the supply side of mixed land use. Hence, residents’ demands have not been well reflected in the land use planning, especially mixed land use development. With this perspective, this study aims to analyze how mixed land use meets the housing consumers’ needs. Particularly, this study investigates housing consumers’ willingness to pay for mixed land use development in the Chicago metropolitan area using the US Census and LEHD data. In order to deal with spatial autocorrelation occurring between housing prices, we employed spatial econometric models, such as spatial lag model, spatial error model, and general spatial model. Our findings show that mixed land use is not associated with housing prices, whereas mixed land use is positively related to rent prices. We suggest that land use planners and policy makers should consider different preferences on the mixed land use between housing demanders and renters, when they establish land use plans and housing policies.