| Title |
The Effect of Crime-induced Environmental Factors of Residential Area on the Intrinsic Value of Housing - Focus on Residential Area with the Highest Rates of 5 Major Violent Crimes - |
| Authors |
Lee, Jong-Hoon ; Yoo, Seung-Kyu ; Kim, Ju-Hyung ; Kim, Jae-Jun |
| Keywords |
Crime Prevention Through Environmental Design ; Crime-induced environmental factors ; Intrinsic value of housing ; Hedonic Price Model |
| Abstract |
Recently, violent crimes that have repeatedly occurred in a particular region or space have intensified the insecurities of its victims as well as local residents. As a result, its residents have tended to relocate to other areas, negatively influencing housing prices. Existing studies have not made much progress in determining the relationship between the intrinsic value of housing and crime. On this basis, this paper analyzes the characteristics of criminal behavior, and crime-induced environmental factors that characterize near by residential areas are defined as variables according to the CPTED(Crime Prevention Through Environmental Design) factors. Hence, the purpose is to determine the variables' impact on the intrinsic value of housing through the establishment of the hedonic price model. According to the estimation results of the research model, crime-induced environmental factors partially affect the intrinsic value of housing. Several variables(CCTV surveillance, intensity of illumination, separation distance) affect the intrinsic value of housing in the expected mark and are statistically significant. However, other variables(hierarchy of the road, path width) are consistent in the expected mark and yet are not statistically significant. |