Microeconomic Estimates of Housing Depreciation
Microeconomic Estimates of Housing Depreciation
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住房折旧的微观经济估计
DOI：
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发表时间：
1987
期刊：
影响因子：
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通讯作者：
T. Thibodeau
中科院分区：
文献类型：
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作者：
Stephen Malpezzi;L. Ozanne;T. Thibodeau
衡量住宅真实的房地产的经济折旧对于加深我们对住房市场行为的理解和评估各种公共政策非常重要。对许多大都市地区折旧率的独立估计为分析结构折旧与郊区化等因素之间的相互作用提供了丰富的数据基础。此外，租金控制和建筑税收优惠等公共政策可以更好地评估和设计，改进折旧估计。例如，为了刺激1981年的建设，国会将税收目的的允许折旧从30年减少到15年。然后在1986年，为了应对明显的过度建设，国会将折旧率提高到27.5年。更好地估计折旧率可能有助于更好地瞄准激励措施。一项文献调查表明，住宅真实的房地产折旧率的估计存在显着差异。报告结果的差异似乎是由于所采用的折旧定义不同，用于估计折旧率的模型和数据不同，在某些情况下，研究时所审查的真实的房地产市场状况也不同。本文的一个主要目的是建立经济折旧率在空间上是变化的。通过使用相同的享乐模型和来自59个大都市区的代表性数据，我们能够消除模型和数据的差异作为估计折旧率变化的唯一来源，并将一些观察到的变化归因于住房市场的差异。本文报告了使用特征定价方法获得的住宅真实的房地产经济折旧率的估计。对59个大都市地区的业主和承租人居住的物业分别进行了h-方程估计。除了确定城市区域内特定位置的变量外，使用相同的享乐方程来估计保有权规格f c折旧率。也就是说，相同的享乐规范被用于59个大都市地区的每一个估计折旧率为业主自用和租赁住房。我们将经济折旧定义为“由于老化而导致的资产价格（或影子价格）的下降”（Hulten and Wykoff，1981，85）。因此，我们的租客自住住房的享乐方程研究了（租赁）住房服务流的当前市场价格如何随居住年龄而变化。租金可能会随着住房服务流量的减少而变化，因为单元恶化。另一方面，业主自用住宅真实的房地产的市场价值反映了未来住房服务的现值以及当前的服务。因此，现值的任何决定因素的变化都将对自住住房的当前市场价值产生重大影响。
Measuring economic depreciation in residential real estate is important for deepening our understanding of housing market behavior and for assessing a variety of public policies. Independent estimates of depreciation rates for many metropolitan areas provide a rich data base for analyzing the interaction between structure depreciation and, for example, suburbanization. Also, public policies such as rent control and tax incentives for construction could be better evaluated and designed with improved estimates of depreciation. For example, in an attempt to stimulate construction in 1981 Congress cut allowable depreciation for tax purposes from something like 30 years to 15 years. Then in 1986 in response to apparent over-building, Congress raised the depreciation rate back to 27.5 years. Better estimates of depreciation rates could have contributed to better targeting of incentives. A literature survey indicates significant variation in estimates of depreciation rates for residential real estate. The variation in reported results seems to be due to differences in the definition of depreciation employed, in the models and data used to estimate depreciation rates and, in some cases, the condition of the real estate market examined at the time of the study. A primary objective of this paper is to establish that rates of economic depreciation vary spatially. By using the same hedonic model and representative data from each of 59 metropolitan areas, we are able to eliminate differences in models and data as the only source of variation in estimated depreciation rates and attribute some of the observed variation to differences in housing markets. This paper reports estimates of metropolitan area specific rates of economic depreciation for residential real estate obtained using the hedonic pricing methodology. Separate h donic equations were estimated for owneroc upied and renter-occupied properties for each of 59 metropolitan areas. With the exception of variables that identified particular locations within the urban area, the same hedonic equation was used to estimate tenure spec f c depreciation rates. That is, the same hedonic specification was used for each of the 59 metropolitan areas to estimate depreciation rates for owner-occupied and for renteroccupied housing. We define economic depreciation "to be the decline in asset price (or shadow price) due to aging" (Hulten and Wykoff 1981, 85). Our hedonic equation for renter-occupied housing therefore examines how the current market price of the flow of (rental) housing services varies with dwelling age. Rents might be expected to change as the flow of housing services decreases as the unit deteriorates. The market value of owner-occupied residential real estate, on the other hand, reflects the present value of future housing services as well as current services. Hence, changes in any of the determinants of present value will have a significant impact on the current market value of owner-occupied housing.