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Amenities in an Urban Equilibrium Model: Residential Development in Portland, Oregon

This paper estimates the effects of open space and other amenities on housing prices and development density in Portland, Oregon, within the framework of an urban equilibrium model. Amenities are important: households are willing to pay more for newer houses located in areas of less dense development, with more open space, better views, less traffic congestion, and near amenity locations. For the developers, increases in housing prices results in providing more large houses, which will ultimately lead to higher density and lower housing prices. A simulation analysis evaluates policy implications and indicates substantial benefits from alterations in housing patterns. (JEL R11, R31)