Effect of Base Realignment and Closure on Real Estate Values

<p>This thesis offers a quasi-experimental analysis of the effect of a base closure (BRAC) on real estate values across a twenty-eight-community sample. A hedonic valuation model was used to estimate this effect in quasi-experimental setting on a sample population consisting of single-family homes aggregated by zip code census data surrounding twenty-eight active and closed military installations. A test for sample bias to evaluate the treatment and comparison samples was developed and tested on these data confirming the appropriateness of the sample. This study has determined that an installation closure (BRAC) has no significant positive or negative effect on real estate values in the surrounding area. While there were communities in the sample that experienced very positive median home value growth between 1990 and 2000 and others whose homes declined in value the overall impact of BRAC was not statistically different from zero. From a policy perspective this study cannot identify whether government assistance programs associated with base closures may have served to offset any potentially negative effects on real estate values. As this study finds no significant relationship between BRAC and real estate values the current policies designed to mitigate the potential ill effects of base closing on the local economy may be working as intended.</p><p>This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact and remains as true to the original work as possible. Therefore you will see the original copyright references library stamps (as most of these works have been housed in our most important libraries around the world) and other notations in the work.</p><p>This work is in the public domain in the United States of America and possibly other nations. Within the United States you may freely copy and distribute this work as no entity (individual or corporate) has a copyright on the body of the work.</p><p>As a reproduction of a historical artifact this work may contain missing or blurred pages poor pictures errant marks etc. Scholars believe and we concur that this work is important enough to be preserved reproduced and made generally available to the public. We appreciate your support of the preservation process and thank you for being an important part of keeping this knowledge alive and relevant.</p>