MULTIVARIATE PROCEDURES FOR IDENTIFYING RURAL LAND SUBMARKETS

Research has developed empirical models and procedures for analyzing factors which influence rural land markets; however, there have been limited efforts in developing procedures for identifying rural land submarkets. Principal component analysis is used here to detect the presence of multiple rural land submarkets. Cluster analysis is then used as a basis for identifying eight contiguous rural land submarkets in Louisiana. As opposed to single-attribute procedures that have been based largely on subjective judgment, multivariate procedures illustrated in this analysis provide a means for capturing the combined effects of physical and socioeconomic influences in delineating rural land submarkets.