ABSTRACT
The self-proclaimed, "[m]ost perfectly planned community in America," Levittown, Pennsylvania is a suburb of Philadelphia. The homes were located not only in the eponymous "Levittowns," but also in smaller developments across the country. At least in the US, most Americans consider buying a home as a safe and smart investment owing to its ability to appreciate over time. The most time-sensitive activities would be closest to the center of the city. People choose their homes primarily based on the bundle of attributes of the house and its location. The hedonic model shows that these two classes of factors can largely explain the variation in the price of homes. Thousands of research papers have examined home purchases to estimate values of several home attributes including structural features, internal and external features, natural environment features, attributes of the neighborhood and location, public services, marketing, and financing.
