Who lives where? : tenure choice and residential sorting : evidence from Bogotá

I study the relationship between tenure choice and residential sorting in Bogotá. The objective is to I study the relationship between tenure choice and residential sorting in Bogotá. The objective is to inform about the balance in benefits that households observe between use and investment in housing. Exploiting market segmentation between renters and owners, I study the effect of proximity to the Central Business District estimating a hedonic prices model using georeferenced Multipurpose Survey and Cadaster data for 2014. I find evidence that tenure choice is relevant to explain residential sorting patterns of households of Bogotá: the correlation between property values and proximity to the CBD is stronger for renters than for owners, correcting for access to services. Thus, renters optimize benefits through proximity to the CBD while owners optimize through increased property values despite giving up the benefits of a better location. I also test whether the prevalence of the investment edge of housing decisions yields communities with greater socioeconomic mixture in contrast with standard models in which a city exhibits a gradient of socioeconomic clusters changing with distance from CBD.

• Autores: Ramírez Arciniegas, Germán Mauricio
• Fecha de publicación: 2018
• Institución: Universidad de los Andes
• Repositorio: Séneca: repositorio Uniandes
• Idioma: eng
• OAI Identifier: oai:repositorio.uniandes.edu.co:1992/34319
• Acceso en línea: http://hdl.handle.net/1992/34319
• Palabra clave: Segregación residencial - Investigaciones - Bogotá (Colombia); Estructura urbana - Investigaciones - Bogotá (Colombia); Alquileres (Teoría económica) - Investigaciones - Bogotá (Colombia) - Modelos matemáticos; Economía
• Rights: openAccess
• License: http://creativecommons.org/licenses/by-nc-nd/4.0/