Campus Units

Economics

Document Type

Article

Publication Version

Published Version

Publication Date

11-2015

Journal or Book Title

Land Economics

Volume

91

Issue

4

First Page or Article ID Number

605

Last Page

626

Abstract

This article estimates the impact of the 2007–2008 residential housing market bust on farmland values, using parcel-level farmland sales data from 2001–2010 for a 50-county region under urbanization pressure in western Ohio. Hedonic model estimates reveal that farmland was not immune to the residential housing bust; the portion of farmland value attributable to proximity to urban areas was almost cut in half shortly after the bust in 2009–2010. Nonetheless, total farmland prices remained relatively stable in the 2000s, likely due to increased demand for agricultural commodities. Our results are robust to different assumptions about the structure of the unobserved spatial correlation.

JEL Classification

Q15, R14

Comments

This article is published as Zhang, W. and C. J. Nickerson. 2015. “The Housing Market Bust and Farmland Values: Identifying the Changing Influence of Proximity to Urban Centers.” Land Economics, 91(4): 605-626.

Rights

Works produced by employees of the U.S. Government as part of their official duties are not copyrighted within the U.S. The content of this document is not copyrighted.

Copyright Owner

the Board of Regents of the University of Wisconsin System

Language

en

File Format

application/pdf

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