Walk Score: The Significance of 8 and 80 for Mortgage Default Risk in Multifamily Properties
In this paper, I use logistic regression to study the relationship between walkability and mortgage default risk in multifamily housing in a pool of nearly 37,000 Fannie Mae loans. Walkability is measured with Walk Score, a widely available metric. Controls were introduced for loan terms, property c...
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| Veröffentlicht in: | The journal of sustainable real estate 2014-01, Vol.6 (1), p.187-210 |
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| creator | Pivo, Gary |
| description | In this paper, I use logistic regression to study the relationship between walkability and mortgage default risk in multifamily housing in a pool of nearly 37,000 Fannie Mae loans. Walkability is measured with Walk Score, a widely available metric. Controls were introduced for loan terms, property characteristics, neighborhood conditions, and macroeconomics. Walkability reduced default risk but the relationship was nonlinear with thresholds. Default risk significantly increased where walkability was very low and significantly decreased where it was very high. The implication is that walkability and its possible benefits to health and the environment could be fostered by relaxing lending terms without adding default risk. |
| doi_str_mv | 10.1080/10835547.2014.12091859 |
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| subjects | Credit risk Default Focus groups Indoor air quality Lenders Loan defaults Loans Logistic regression Modeling Mortgage loans Mortgages PART 2 Real estate economics Walkability Walking |
| title | Walk Score: The Significance of 8 and 80 for Mortgage Default Risk in Multifamily Properties |
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