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<p>While a spacious single-family home may be the American Dream, this choice of living may contribute to global warming, residential segregation, and jurisdictional property tax disparities. Thus, there is interest in how the demand for spaciousness is changing over time. National surveys have revealed that COVID-19 shifted homebuyer preferences in favor of larger homes and lots. The issue addressed in this paper is whether these stated preferences have actually impacted the market value attached to these attributes in the housing market. We estimate hedonic price models using hundreds of thousands of single-family home sales from the ten largest metropolitan areas in Florida. Models include home and lot size interacted with years before and after COVID, along with time-varying neighborhood fixed effects and other home attributes. Results show large percentage increases in the marginal willingness to pay for interior and exterior space after COVID, continuing through 2023.</p>

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Single-family home spaciousness and COVID-19

  • 期刊论文

  • 发表日期：

    2025年2月8日

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  • Keith Ihlanfeldt,
  • Cynthia Fan Yang

摘要

While a spacious single-family home may be the American Dream, this choice of living may contribute to global warming, residential segregation, and jurisdictional property tax disparities. Thus, there is interest in how the demand for spaciousness is changing over time. National surveys have revealed that COVID-19 shifted homebuyer preferences in favor of larger homes and lots. The issue addressed in this paper is whether these stated preferences have actually impacted the market value attached to these attributes in the housing market. We estimate hedonic price models using hundreds of thousands of single-family home sales from the ten largest metropolitan areas in Florida. Models include home and lot size interacted with years before and after COVID, along with time-varying neighborhood fixed effects and other home attributes. Results show large percentage increases in the marginal willingness to pay for interior and exterior space after COVID, continuing through 2023.