Modeling urban housing market dynamics: can the socio-spatial segregation preserve some social diversity?

Details Modeling urban housing market dynamics: can the socio-spatial segregation preserve some social diversity? Modeling urban housing market dynamics: can the socio-spatial segregation preserve some social diversity?

2010-12-13

arxiv.org/abs/1012.2606v1

Physics

Physics and Society

28 pages, 21 figures

Scientific paper

This paper is concerned with issues related to social diversity in urban environments. We introduce a model of real estate transactions between agents which are heterogeneous in their willingness to pay. A key feature of the model is the assumption that agents preferences for a location depend both on an intrinsic attractiveness of the location, and on the social characteristics of its neighborhood. Focusing on the case of a monocentric city, the stationary state is analytically characterized and gives the distribution of income over space. The model is studied through numerical simulations as well. The analytical and numerical analysis reveal that, even if socio-spatial segregation occurs, some social diversity is preserved at most locations. Comparing with empirical data on transaction prices in Paris, the results are shown to nicely fit some stylized facts.

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