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Neighborhood Choice

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Neighborhood Choice

  1. 1. Neighborhood Choice an Urban & Regional Economics presentation by Chris Davakis, Brittany Green and Josh Krahenbuhl
  2. 2. How would/did you choose a neighborhood to live?
  3. 3. How do people choose neighborhoods? • Based on your preferences for… – Schools/Education • Many funded by taxes of neighborhood – Crime – Access to public services- tiebout sorting – Transportation Network – People choose to live around similar people- more comfortable
  4. 4. • Millennial movement to the city • Future forecast of city economy • Communication connections • Social scene • Environmental impact of city
  5. 5. What is important? • More than 90 percent of respondents said that providing equal chances for all people to get ahead, through educational and economic opportunities • Racial and ethnic diversity elements of the community Source: http://www.theatlantic.com/business/archive/2015/03/what-do-americans-prioritize-when- picking-a-place-to-live/387328/
  6. 6. How did people choose neighborhoods in the past?
  7. 7. Neighborhood Choice in the Past • Migration from urban cities to suburbs beginning in the interwar and postwar eras (after GIs returned home) – Federal government and banks provided millions in loans for homeowners • Racial residential segregation during suburbanization – Homeownership primary way Americans accumulate wealth but… – Redlining-denying mortgage services either directly of through selectively raising prices to residents of certain areas based on racial or ethnic makeup
  8. 8. • Certain urban immigrant communities (e.g. German, Italian, Polish) limited to tenement housing – Tenement housing-very small apartments with multi-family dwellings and poor living conditions – Many Americans were unwelcome to immigrants moving into their communities
  9. 9. Video links • Tenement Housing – https://www.youtube.com/watch?v=JXnYvJ9aTkw • Redlining – https://youtu.be/mW764dXEI_8?t=3s
  10. 10. Where would you go to find affordable housing on $20,000 with a family of 4? • How would that change your decisions based on this information? What would you refuse to give up? Source: http://www.cbpp.org/research/chart-book-federal-housing-spending-is-poorly-matched-to-need#Five
  11. 11. What influences neighborhood choice now?
  12. 12. How does transportation affect neighborhood choice? Source: http://www.uspirg.org/sites/pirg/files/reports/US_Transp_trans_scrn.pdf
  13. 13. Neighborhoods of Ohio cities • Cincinnati composed of 52 • Cleveland composed of 36 • Columbus composed of 39
  14. 14. Real Estate/Demographics • Neighborhood Map
  15. 15. Livability • Livability Scores
  16. 16. School district • The quality of the school district is one of the first things home buyers evaluate before making a purchase • In fact, quality of primary school education is positively correlated with house prices • A good home in a good school district has the benefit of maintaining its value, which helps in thinking of selling for the future Source: “Nonlinear Effects of School Quality on House Prices”, Chiodo, Hernández-Murillo, and Owyang, 2010
  17. 17. What do Cincinnati neighborhoods have to offer?
  18. 18. Welcome to Cincinnati!
  19. 19. Source: City of Cincinnati, Planning
  20. 20. Facts about the City of Cincinnati • Cincinnati has… – the 27th largest metro area in the USA – a lower cost of living than the USA average Images taken from http://www.law.uc.edu/sites/default/files/Local%20Housing%20Options.pdf
  21. 21. What do demographic classes seek? • Young Professionals – An authentic urban experience in hip, edgy districts • Entry-level Professionals – Value in the proximity to employment cores/amenities • Empty Nesters/Never Nesters – Luxury upscale units close to culture and events Source: http://choosecincy.com/assets/uploads/files/city_pdf18162.pdf
  22. 22. School district and house prices • The Village of Indian Hill school district – Rated #1 in the Cincinnati area – House prices in the village • Wyoming, Sycamore SDs Source: https://k12.niche.com/rankings/public-school-districts/best-overall/m/cincinnati-metro-area/
  23. 23. • Residents here choose to live in areas with development and growth opportunities • The City of Cincinnati is committed to focusing on economic development initiatives and investment primarily in the areas of – Downtown – Over-the-Rhine – Uptown
  24. 24. Uptown • the leading job creation center in the City of Cincinnati • composed of the neighborhoods CUF, Corryville, Mount Auburn, Clifton • University of Cincinnati – 2nd largest Cincinnati MSA-employer* *Based on a definition given here: http://choosecincy.com/datacenter/employers
  25. 25. Over-The-Rhine • Small businesses • Walkability • Nightlife • Crime • Proximity to the Downtown
  26. 26. Young Professional neighborhoods – Oakley – Hyde Park – Mount Lookout
  27. 27. Oakley, Cincinnati, OH
  28. 28. Other neighborhoods…
  29. 29. Sources • http://www.nytimes.com/2009/02/23/nyregion/23partitions.html? _r=2 • http://www.citylab.com/housing/2015/03/why-americas-racial- wealth-gap-is-really-a-homeownership-gap/387427/
  30. 30. Questions?
  31. 31. Thank you!

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