Zoned out? The determinants of manufactured housing rents: Evidence from North Carolina
This paper explores determinants of manufactured housing park (MHP) plot rents in North Carolina, with particular focus on the distinction among high-growth urban parks and small town/rural parks, and on the possible role played by zoning restrictiveness. Little is known about how MHP rents are determined, even though it is estimated that more than 10 million Americans live in MHPs. We implement a hedonic model and an instrumental variables approach to examine the relationship between MHP rents and local housing markets, land use restrictions, and other factors. We find that, contrary to expectations, zoning is strongly negatively associated with park rents in periurban and rural parks, but appears as a positive driver in high-growth cities. We then extend this model to an out-of-sample prediction for MHPs rents in Texas.
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