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Abstract
This study examines whether the distance between a neighborhood with revitalization activity and the adjacent non-revitalized neighborhoods is a significant determinant of the likelihood of homeownership in those adjacent neighborhoods. Given that a household maximizes its utility by consuming housing services and all other goods and services, this study hypothesizes that in some neighborhoods, distance from amenities created through revitalization contributes to housing services consumed, utility derived, and housing tenure. The model in this study has its theoretical underpinnings in utility maximization theories. To determine the likelihood of homeownership, a logit model is used to examine the factors that influence the odds in favor of homeownership.
Ordinary least squares estimation, consistent with earlier studies, is used to examine the relationship between distance, income and the relative cost of renting and owning and the F test is used to ascertain if there is a structural change in the relationship between distance and the likelihood of homeownership between 1990 (pre-revitalization) and 2000 (post-revitalization). The empirical results reveal that Ward 5 in Washington DC is the only neighborhood in which there is a structural change in the distance coefficient. The results of this study suggest that the type of amenity being developed can influence the likelihood of homeownership and that the activity in one ward does not have a significant impact on homeownership in neighboring wards.