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- Title
Higher Density Development for Lower Cost Housing? Understanding the Multifamily Housing Market and the Role of Density in Multifamily Home Prices.
- Authors
Dong, Hongwei
- Abstract
This study documents the development and the characteristics of multifamily homes in the Portland metropolitan area and evaluate the roles of density and density-related factors in determining multifamily home prices. The study finds that medium-density multifamily homes sell at lower prices than other housing types in dollar per unit and dollar per square foot. The cost-saving effect of higher density development is weak or even negative, and dwelling size is the primary determinant of multifamily home prices. The effects of neighborhood density on home prices depend on housing types. Investors own almost a half of nonapartment multifamily homes and buy homes at lower prices.
- Subjects
PORTLAND (Or.); HOME prices; HOUSING market; APARTMENT buildings; HOUSE buying; PRICES; DENSITY; METROPOLITAN areas
- Publication
Journal of Planning Education & Research, 2023, Vol 43, Issue 3, p617
- ISSN
0739-456X
- Publication type
Article
- DOI
10.1177/0739456X20912829