Article Figures & Data
Figures
- Figure 1.
Location of City of Lakeland within Shelby County, Tennessee, USA.
Tables
- Table 1.
Description and expected coefficient signs of variables used in the Hedonic Pricing Model for Lakeland, Tennessee, USA.
Variables Description Expected sign Dependent Price05 Home sales price (2005 USD) N/A Structural LotSize Lot size in square meters Positive HouseSize Floor area of home in square meters Positive SaleAge Age in years of home at the time of sale Negative Bath (#) Number of bathrooms at the time of sale Positive Fireplace Number of fireplaces Positive Pool Dummy variable for presence or absence of swimming pool Positive Neighborhood NearArt Distance in meters to nearest arterial roadway Positive NearC2 Distance in meters to nearest commercial business Positive Elem_Dist Dummy variable for elementary school district N/A Middle_Dist Dummy variable for middle school district N/A Environmental CanPER_LOT Percent tree cover on the sample parcel Positive Canopy_100 ma Percent tree cover within the 100-m buffer Positive Canopy_500 ma Percent tree cover within the 500-m buffer Positive Canopy_1 kma Percent tree cover within the 1-km buffer Positive DistPubPar Distance in meters to nearest public park Negative DistLake Distance in meters to nearest lake Negative DistGolf Distance in meters to nearest golf course Negative ↵a Buffers were non-overlapping.
- Table 2.
Descriptive statistics for variables used in the Hedonic Pricing Model for Lakeland, Tennessee, USA.
Variables Minimums Maximums Means Dependent Price05 (2005 USD) $115,539 $756,884 $246,592 Structural LotSize (m2) 423 3,883 1,336 HouseSize (m2) 106 541 251 SaleAge (yrs) 0 34 5 Bath (#) 2 5 2.5 % with % without Fireplace 86 14 Pool 13 87 Neighborhood NearArt (m) 19 1,588 686 NearC2 (m) 1 5,402 1,465 % Donelson % Lakeland Elem_Dist 16 84 % Arlington % BonLin Middle_Dist 53 47 Environmental CanPER_LOT (%) 0 80 8 Canopy_100 m (%)a 0 65 12 Canopy_500 m (%)a 7 65 27 Canopy_1 km (%)a 15 67 35 DistPubPar (m) 0 744 158 DistLake (m) 0 2,840 575 DistGolf (m) 0 6,654 2,054 ↵a Buffers were non-overlapping.
- Table 3.
Results of ordinary least squares regression model diagnostics and spatial dependence tests used in the Hedonic Pricing Model for Lakeland, Tennessee, USA.
Test Values P-values Model fit Adjusted R2 0.923 Model significance Joint F-Statistic 718.593 0.0000* Heteroscedasticity Breusch-Pagan 464.675 0.0000* Spatial dependence Moran’s I 0.452 0.0000* Lagrange Multiplier (lag) 2.564 0.1093 Lagrange Multiplier (error) 143.218 0.0000* ↵* Statistical significance at P < 0.01.
n = 1,257
- Table 4.
Spatial autoregressive error model results with heteroscedasticity consistent standard errors and P-values for each variable in the Hedonic Pricing Model for Lakeland, Tennessee, USA.
Variables Coefficients Standard errors z-values P-values Structural LN_Lot 0.1044677 0.1050464 7.2766568 0.0000000*** LN_House 0.5251278 0.0191295 27.4512616 0.0000000*** SaleAge −0.0082595 0.0009896 −8.3465279 0.0000000*** Bath 0.0369635 0.0066114 5.5908658 0.0000000*** Fireplace 0.0057857 0.0089748 −0.6446613 0.5191467 Pool 0.0317781 0.0080229 3.9609478 0.0000747*** Neighborhood LN_Shop 0.0276300 0.0070488 3.9198346 0.0000886*** LN_Art 0.0216532 0.0070628 3.0658142 0.0021708*** Elem_Dist −0.0918034 0.0149187 −6.1536026 0.0000000*** Middle_Dist 0.0459017 0.0138266 3.3198083 0.0009008*** Environmental CanPerLOT −0.0001774 0.0002819 −0.6291426 0.5292557 Can_100 m 0.0012194 0.0003609 3.3784164 0.0007290*** Can_100-500 m 0.0016599 0.0006279 2.6436359 0.0082021*** Can_1 km 0.0020803 0.0006118 3.4003428 0.0006730*** LN_Park 0.0093613 0.0042528 2.2012049 0.0277215** LN_Lake −0.0377514 0.0048158 −7.8389969 0.0000000*** LN_Golf −0.0045363 0.0027391 −1.6561087 0.0976998* Time Dummies Time_01 0.0081095 0.0094953 0.8540559 0.3930740 Time_02 0.0031504 0.0083083 0.3791934 0.7045442 Time_03 0.0238470 0.0086345 2.7618211 0.0057480*** Time_04 0.0693893 0.0096271 7.2076790 0.0000000***
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