Loss of Age-Restricted Status and Property Values : Youngtown Arizona

This study finds evidence of a large premium in Youngtown Arizona house prices that persisted over time and could be attributed to the town's age-restricted status. Age restrictions may act as a signal that the community provides facilities and services that meet the needs of the senior population and the assurance that those facilities and services will be available in the future. This assurance reduces uncertainty for future owners and it is the reduced uncertainty that is capitalized into house prices. The loss of the age restriction resulted in the elimination of the premium over approximately twelve to eighteen months