The Price of Residential Land for Counties, ZIP Codes, and Census Tracts in the United States

Citation: Morris A. Davis, William D. Larson, Stephen D. Oliner, Jessica Shui The Price of Residential Land for Counties, ZIP Codes, and Census Tracts in the United States.
Internet Archive Scholar (search for fulltext): The Price of Residential Land for Counties, ZIP Codes, and Census Tracts in the United States
Wikidata (metadata): Q99240947
Download: https://www.fhfa.gov/PolicyProgramsResearch/Research/PaperDocuments/wp1901.pdf
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Summary

Authors generate land values and indices covering the United States at a fine geography for use by researchers and policy-makers, and use the data to develop and confirm stylized facts about land prices in the US:

1. the level of land prices at the center of a metro area varies greatly, eg, the price of land at the center of metro areas with more than 2 million single-family housing unitsis more than 25 times greater than the price of land at the center of metro areas with lessthan 500 thousand housing units.
2. the rate at which land prices decline from the city center also varies across metro areas
3. the price of land covaries with certain variables in accordance with predictions of classic models of urban economics. In particular, measured at the average price per acre in a ZIP code, residential land prices are negatively correlated with lot size and are positively correlated with the size of the housing structure on a lot. ZIP codes with higher residential land prices also tend to have a smaller share of land area with vacant structures or land, a smaller share of land area devoted to agriculture,and a greater share devoted to commercial and industrial structures.