Are the home values and property tax burdens of permanent homeowners affected by growth in housing rentals and second homes: Evidence based on big data from Florida

IF 3.2 3区 经济学 Q1 ECONOMICS Journal of Regional Science Pub Date : 2022-11-02 DOI:10.1111/jors.12629
Keith Ihlanfeldt, Cynthia Fan Yang
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Abstract

Homeowners who make their homes their primary residence have resisted the entry of rentals into their neighborhoods and cities. Possible reasons underlying this resistance are that rentals reduce the property values, increase the property tax burdens, and raise the price of public services for these homeowners. We relate the market values of single-family homes occupied by permanent homeowners, the effective property tax rate of these homeowners, and the tax price they pay for public services to shifts in their city's housing units toward a variety of different types of rentals and second homes. Our analysis is based on large panels of Florida homes containing hundreds of thousands and millions of observations. Our results show that increases in the share of a city's housing units used as rentals or second homes reduce the home values, increase the property tax burdens, and raise the public services prices of homeowners who permanently reside in single-family homes. Impacts vary in magnitude among single-family, condominium, and mobile homes used as rentals and second homes. Estimated impacts are the strongest for share increases in single-family rentals and second homes.

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永久房主的房屋价值和房产税负担是否受到住房租金和第二套住房增长的影响:基于佛罗里达州大数据的证据
把房子作为主要居所的房主一直抵制租房进入他们的社区和城市。造成这种阻力的可能原因是租金降低了房地产价值,增加了房地产税负担,并提高了这些房主的公共服务价格。我们将永久房主居住的独栋房屋的市场价值、这些房主的有效财产税率以及他们为公共服务支付的税收价格与城市住房单元向各种不同类型的租赁和第二套住房的转变联系起来。我们的分析是基于佛罗里达州住宅的大型面板,其中包含数十万和数百万的观测结果。我们的研究结果表明,一个城市用作出租或第二套住房的住房份额的增加会降低房屋价值,增加房产税负担,并提高永久居住在独栋房屋中的房主的公共服务价格。单户、共管公寓、用作出租和第二套住房的移动房屋的影响程度各不相同。预计对独栋房屋租金和第二套住房份额增长的影响最大。
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来源期刊
CiteScore
4.90
自引率
6.70%
发文量
54
期刊介绍: The Journal of Regional Science (JRS) publishes original analytical research at the intersection of economics and quantitative geography. Since 1958, the JRS has published leading contributions to urban and regional thought including rigorous methodological contributions and seminal theoretical pieces. The JRS is one of the most highly cited journals in urban and regional research, planning, geography, and the environment. The JRS publishes work that advances our understanding of the geographic dimensions of urban and regional economies, human settlements, and policies related to cities and regions.
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