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Valuing iconic design: Frank Lloyd Wright architecture in Oak Park, Illinois

Ahlfeldt, Gabriel M. ORCID: 0000-0001-5664-3230 and Mastro, Alexandra (2012) Valuing iconic design: Frank Lloyd Wright architecture in Oak Park, Illinois. Housing Studies, 27 (8). pp. 1079-1099. ISSN 0267-3037

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Identification Number: 10.1080/02673037.2012.728575


This study investigates the willingness of homebuyers to pay for co-location with iconic architecture. Oak Park, Illinois was chosen as the study area given its unique claim of having 24 residential structures designed by world-famous American architect Frank Lloyd Wright, in addition to dozens of other designated landmarks and three preservation districts. This study adds to the limited body of existing literature on the external price effects of architectural design and is unique in its focus on residential architecture. We find a premium of about 8.5% within 50-100m of the nearest Wright building and about 5% within 50-250m. These results indicate that an external premium to iconic architecture does exist, although it may partially be attributable to the prominence of the architect

Item Type: Article
Official URL:
Additional Information: © 2012 Taylor & Francis
Divisions: Geography & Environment
Spatial Economics Research Centre
Subjects: H Social Sciences > HC Economic History and Conditions
N Fine Arts > NA Architecture
Date Deposited: 04 May 2012 13:12
Last Modified: 16 May 2024 01:25

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