Matched samples of house sales in Chicago for 1995 and 2005

Description

Sales prices, structural characteristics, and location variables for 1602 single-family homes in the City of Chicago in 1995 and a matched sample of 1602 homes in 2005.

Usage

data(matchdata)

Format

A data frame with 3204 observations on the following 18 variables.

year

Year of sale, 1995 or 2005

lnland

Log of land area in square feet

lnbldg

Log of building area in square feet

rooms

Number of rooms

bedrooms

Number of bedrooms

bathrooms

Number of bathrooms

centair

Home has central air conditioning

fireplace

Home has one or more fireplaces

brick

Brick or brick/frame construction

garage1

Garage, 1 car

garage2

Garage, 2+ cars

dcbd

Distance from the central business district or "CBD" - the traditional center of Chicago at the intersection of State and Madison Streets, at approximately -87.627800 longitude and 41.881998 latitude

rr

Within .25 miles of a rail line

yrbuilt

Year the home was built

carea

a factor with levels. Community area, a traditional definition of neighborhood in Chicago.

latitude

Latitude in degrees

longitude

Longitude in degrees

lnprice

Log of sales price

Details

Includes all sales of single-family homes on the Far North Side of Chicago listed in the cleaned Illinois Department of Revenue file for 1995. A matched sample is created from comparable 2005 sales using the MatchIt package. Matches are created based on propensity scores estimated using a logit model for the probability that a home sold in 2005 rather than 1995. The commands used to create the matched sample are the following:

hedonic$carea <- as.factor(hedonic$cname)
m.out <- matchit(y~lnland + lnbldg + rooms + bedrooms + bathrooms + centair + fireplace + brick + garage1 + garage2 + dcbd + elstop + lake + rr + yrbuilt + carea + latitude + longitude, data=hedonic,method="nearest",discard="both")
mdata <- match.data(m.out)
attach(mdata)
matchdata <- data.frame(year, lnland, lnbldg, rooms, bedrooms, bathrooms, centair, fireplace, brick, garage1, garage2, dcbd, rr, yrbuilt, carea, latitude, longitude, lnprice)

The elstop and lake variables, which are not included here, indicate whether a home is within .25 miles of and EL stop and within .5 miles of Lake Michigan.

Source

Daniel McMillen. Sales data were provided originally by the Illinois Department of Revenue. Structural characteristics are drawn from the 1997 assessment file from the Cook County Assessor's Office.

References

Deng, Yongheng, Sing Tien Foo, and Daniel P. McMillen, "Private Residential Price Indices in Singapore," Regional Science and Urban Economics, 42 (2012), 485-494.

Ho, D., Imai, K., King, G, Stuart, E., "Matching as Nonparametric Preprocessing for Reducing Model Dependence in Parametric Causal Inference," Political Analysis 15 (2007), 199-236.

Ho, D., Imai, K., King, G, Stuart, E., "MatchIt: Nonparametric preprocessing for parametric causal inference," Journal of Statistical Software 42 (2011), 1-28..

McMillen, Daniel P., "Repeat Sales as a Matching Estimator," Real Estate Economics 40 (2012), 743-771.

Examples

data(matchdata)
matchdata$year05 <- matchdata$year==2005
matchdata$age <- matchdata$year - matchdata$yrbuilt 
fit <- lm(lnprice~lnland+lnbldg+rooms+bedrooms+bathrooms+centair+fireplace+brick+
  garage1+garage2+dcbd+rr+age+year05+factor(carea), data=matchdata)
summary(fit)

Results

R version 3.3.1 (2016-06-21) -- "Bug in Your Hair"
Copyright (C) 2016 The R Foundation for Statistical Computing
Platform: x86_64-pc-linux-gnu (64-bit)

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Type 'license()' or 'licence()' for distribution details.

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Type 'demo()' for some demos, 'help()' for on-line help, or
'help.start()' for an HTML browser interface to help.
Type 'q()' to quit R.

> library(McSpatial)
Loading required package: lattice
Loading required package: locfit
locfit 1.5-9.1 	 2013-03-22
Loading required package: maptools
Loading required package: sp
Checking rgeos availability: TRUE
Loading required package: quantreg
Loading required package: SparseM

Attaching package: 'SparseM'

The following object is masked from 'package:base':

    backsolve

Loading required package: RANN
> png(filename="/home/ddbj/snapshot/RGM3/R_CC/result/McSpatial/matchdata.Rd_%03d_medium.png", width=480, height=480)
> ### Name: matchdata
> ### Title: Matched samples of house sales in Chicago for 1995 and 2005
> ### Aliases: matchdata
> ### Keywords: datasets
> 
> ### ** Examples
> 
> data(matchdata)
> matchdata$year05 <- matchdata$year==2005
> matchdata$age <- matchdata$year - matchdata$yrbuilt 
> fit <- lm(lnprice~lnland+lnbldg+rooms+bedrooms+bathrooms+centair+fireplace+brick+
+   garage1+garage2+dcbd+rr+age+year05+factor(carea), data=matchdata)
> summary(fit)

Call:
lm(formula = lnprice ~ lnland + lnbldg + rooms + bedrooms + bathrooms + 
    centair + fireplace + brick + garage1 + garage2 + dcbd + 
    rr + age + year05 + factor(carea), data = matchdata)

Residuals:
     Min       1Q   Median       3Q      Max 
-1.88904 -0.10614  0.00251  0.11187  0.92438 

Coefficients:
                              Estimate Std. Error t value Pr(>|t|)    
(Intercept)                  7.4567077  0.1628022  45.802  < 2e-16 ***
lnland                       0.2580886  0.0126260  20.441  < 2e-16 ***
lnbldg                       0.3055657  0.0224799  13.593  < 2e-16 ***
rooms                        0.0051570  0.0055111   0.936 0.349474    
bedrooms                    -0.0141147  0.0083462  -1.691 0.090906 .  
bathrooms                    0.0359179  0.0100489   3.574 0.000356 ***
centair                     -0.0042836  0.0089622  -0.478 0.632709    
fireplace                    0.0803125  0.0116968   6.866 7.90e-12 ***
brick                        0.0121648  0.0100682   1.208 0.227043    
garage1                      0.0529816  0.0112169   4.723 2.42e-06 ***
garage2                      0.0563799  0.0104299   5.406 6.94e-08 ***
dcbd                        -0.0027414  0.0067252  -0.408 0.683570    
rr                          -0.0063671  0.0112242  -0.567 0.570573    
age                         -0.0001817  0.0002704  -0.672 0.501550    
year05TRUE                   0.9158741  0.0081387 112.533  < 2e-16 ***
factor(carea)Edgewater       0.2299047  0.0219010  10.497  < 2e-16 ***
factor(carea)Edison Park     0.1480221  0.0392982   3.767 0.000168 ***
factor(carea)Forest Glen     0.2208976  0.0223685   9.875  < 2e-16 ***
factor(carea)Jefferson Park  0.0590313  0.0216531   2.726 0.006442 ** 
factor(carea)Lincoln Square  0.1754965  0.0212686   8.251 2.27e-16 ***
factor(carea)North Park      0.0820779  0.0204983   4.004 6.37e-05 ***
factor(carea)Norwood Park    0.0936628  0.0279314   3.353 0.000808 ***
factor(carea)Rogers Park    -0.0345920  0.0244190  -1.417 0.156697    
factor(carea)Uptown          0.2232720  0.0313501   7.122 1.31e-12 ***
factor(carea)West Ridge      0.0247711  0.0187685   1.320 0.186990    
---
Signif. codes:  0 '***' 0.001 '**' 0.01 '*' 0.05 '.' 0.1 ' ' 1

Residual standard error: 0.2135 on 3179 degrees of freedom
Multiple R-squared:  0.8364,	Adjusted R-squared:  0.8352 
F-statistic: 677.3 on 24 and 3179 DF,  p-value: < 2.2e-16

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> dev.off()
null device 
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